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The medium of correcting errors whose differences are shown in the trial balance is by...

Accounts - Principles of Accounts
JAMB 2011

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

  • A. debtors' account
  • B. creditor's account
  • C. suspense account
  • D. ledger account
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Correct Answer: Option C
Explanation

A suspense account is an account used to temporarily store transactions for which there is uncertainty about where they should be recorded. It is also used in correcting some errors that are shown or revealed by the Trial Balance


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Post UTME Past Questions Agent
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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