What is a suspense account?
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Indian investors lend abroad. Answer the following questions (a) In which sub-account and on which side of the Balance of Payments Account such lendin
(i) Indians lending abroad is recorded in Capital Account of BOP Account because it leads to creation of foreign exchange assets. It is recorded on the debit side because it...
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Receipts and payments Account is a - (A) Personal Account (B) Real Account (C) Nominal Account
Correct option is: (B) Real Account
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Current Account is - (A) Personal Account (B) Real Account (C) Nominal Account (D) None of these
Correct option is: (A) Personal Account
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Premium on Redemption of Debenture A/C is - (A) Personal account (B) Real account (C) Nominal account
Correct option is: (D) Suspense account
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i. A slip is used for depositing cash and cheque in the Bank account. ii. Permission to withdraw excess amount from Current Account.
i. Pay-in-slip ii. Overdraft iii. Cash credit iv. Overdraft v. Current Account vi. Stop payment request vii. Fixed Deposit Account viii. Withdrawal Slip ix. Bill of exchange
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i. Joint Stock Company opens Current Account. ii. Generally, no interest is paid by the bank on the Current Account.
i. True ii. True iii. True iv. False v. False vi. False vii. True viii. True ix. False x. False
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Distinguish between the following: Current Account and Savings Account.
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Distinguish between the following: Fixed Deposit Account and Recurring Deposit Account.
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If the trial balance shows a short credit the suspense account will have a _______ balance.
Correct option is (c) credit
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(i) A temporary account opened to rectify the entry is known as suspense A/c.
(i) Agree (ii) Disagree (iii) Disagree (iv) Disagree (v) Agree
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