INTERVIEW QUESTIONS ACCOUNTING PROCESS TRIAL BALANCE DETAILS

Question: Difference of totals of both debit and credit side of trial balance is transferred to: a) Trading Account b) Suspense Account c) Difference Account d) Miscellaneous Account

Answer: (b) Suspense Account
Description: If the trial balance do not agree after transferring the balance of all ledger accounts including cash and bank balances and even then errors are not located within time, the trial balance is tallied by transferring the difference of debit or credit to an account known as suspense account. This is a temporary account opened to proceed further with the preparation of the final accounts within time.

(b) Suspense Account
Description: If the trial balance do not agree after transferring the balance of all ledger accounts including cash and bank balances and even then errors are not located within time, the trial balance is tallied by transferring the difference of debit or credit to an account known as suspense account. This is a temporary account opened to proceed further with the preparation of the final accounts within time. Source: CoolInterview.com

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