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Aug 29, 2023 · In investing, a suspense account is a type of brokerage account where a customer's proceeds from selling an investment may be recorded until the customer uses the money to invest in...
Dec 7, 2023 · A suspense account is an used to temporarily store for which there is uncertainty about where they should be recorded. Once the accounting staff investigates and clarifies the purpose of this type of transaction, it shifts the transaction out of the suspense account and into the correct account (s).
A suspense account is a general ledger account in which amounts are temporarily recorded. The suspense account is used because the appropriate general ledger account could not be determined at the time that the transaction was recorded.
3 days ago · A suspense account is an account where you record unclassified transactions. The account temporarily holds entries while you decide how you will classify them. A suspense account can also hold information about discrepancies as you gather more data.
A suspense account is a temporary holding account for a bookkeeping entry that will end up somewhere else once the final and correct account is determined. For the purposes of the exam, any errors which must be identified and corrected will be realistic in terms of a computerised accounting system.
Jan 18, 2023 · Suspense accounts are temporarily classified as a balance sheet account, usually under the heading of current assets or current liabilities depending on the normal balance. Consequently at the end of each accounting period the business carries out a suspense account reconciliation.
A suspense account is a temporary holding account used to record financial transactions that have questions around their accuracy and validity. These potentially incorrect financial transactions are either initially recorded in the suspense account, or moved from the general ledger into the suspense account.
