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WAEC Financial Accounting 2004 Question 7

Question 7

Correction of Errors and Suspense Account

Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in

  1. A.Suspense Account
  2. B.Trading Account
  3. C.Control Account
  4. D.Profit and Loss Account
Show the answer and explanation

Answer: A (Suspense Account)

Explanation

The difference is held in a suspense account.