What should happen if the balance on a Suspense Account is of a material amount? (A) Should

Question:

What should happen if the balance on a Suspense Account is of a material amount?

(A) Should be written off to the balance sheet

(B) Carry forward the balance to the next period

(D) Write it off to Profit and Loss Account.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books

Question Posted: Aug 19, 2023 11:34 PM

See More Questions

1. As friends of Anna you have been asked to assist her in the preparation of a recommendation. You are to prepare the following: 2. Write an executive summary to the CEO and the board supported by...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
The Justice Department has been asked to review a merger request for a market with the following four firms. Firm Assets A .......... $156 million B .......... 130 million C .......... 45 million D...
The long-term liability section of Eastern Post Corporation's balance sheet as of December 31, 2010, included 10% bonds having a face amount of $40 million and a remaining premium of $6 million. On...
Is it possible for a company to make losses year after year, but still to increase its cash balances? Explain.
1 Entering a new culture can be a stressful experience but it also gives opportunities for psychological growth and to learn new skills. Describe the psychological growth that can occur and the new...
Apocalyptica Corp. pays a constant $8.50 dividend on its stock. The company will maintain this dividend for the next 11 years and will then cease paying dividends forever. If the required return on...
please help me out with this question i really appreciate it 2. Saxbury Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its average...
A Provision for Doubtful Debts is created (A) When debtors become bankrupt (B) When debtors cease to be in business (C) To provide for possible bad debts (D) To write off bad debts.
A Bank Reconciliation Statement is a statement (A) Sent by the bank when the account is overdrawn (B) Drawn up by us to verify our cash book balance with the bank statement balance (C) Drawn up by...
For the current year BSJ Industries estimated overhead would be $1,400,000 and there would be 70,000 machine hours. Using machines hours as the allocation base, how much overhead would be assigned to...
Winston Electronics reported the following information at its annual meetings. The company had cash and marketable securities worth $1,235,740, accounts payables worth $4,160,391, inventory of...
Hooray Company has been manufacturing 12,000 units of Part A which is used to manufacture one of its products. At this level of production, the cost per unit is as follows: Direct materials P 4.80...
At the beginning of the period, the Grinding Department budgeted direct labor of $171,200 and property tax of $57,000 for 10,700 hours of production. The department actually completed 12,800 hours of...
The following information is available for Shamrock Corporation for the year ended December 31, 2025. Beginning cash balance $ 58,500 Accounts payable decrease 4,810 Depreciation expense 210,600...
In today's stock market, compounding is the key to making money in the future for one's investments. However, with decentralized currency growing rapidly (Crypto), how can one rely on TVM for FV...
Many states that have corporate income taxes "piggyback" onto the Federal corporate income tax calculation. In other words, these states' corporate income tax calculations incorporate many of the...
Carlton Stokes owns and operates a car-detailing business named SuperShine & Detailing. For $150, Carltons business will hand wash and wax customers cars, vacuum the interior, and thoroughly clean...
Using internal rate of return, which of the two projects in Question 46.19A would be preferred? Data from Question 46.19 Which of the following two mutually exclusive alternatives should be selected...
Which of the following two mutually exclusive alternatives should be selected if a 7 per cent interest rate is used for the calculation of net present value? Project X Project Y Net cash flow Year 0 ...
Which of the following two mutually exclusive alternatives should be selected if a 7 per cent interest rate is used for the calculation of net present value? Project X Project Y Net cash flow Year 0 ...
Show that the convexity for a zero coupon bond with m payments per year is (m) n(n + -)(1+ m m
Abdul Canarte , a Central Bank economist, noticed that the total group purchasing basket of goods (CPI) has gone from $149,740.00 to $344,460.00 in 8 years. With monthly compounding, what is the...
ABC Corporation expects sales next year to be $50,000,000. Inventory and accounts receivable (combined) will increase $8,000,000 to accommodate this sales level. The company has a profit margin of 6...

What should happen if the balance on a Suspense Account is of a material amount? (A) Should

Question:

Step by Step Answer:

C Find the errors before publishing the final accounts When the balance on a Su...View the full answer

Frank Woods Business Accounting Volume 1

Students also viewed these Business questions