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WAEC Financial Accounting 2017 Question 6

Question 6

Correction of Errors and Suspense Account

A suspense account is used in the

  1. A.prevention of errors.
  2. B.correction of errors.
  3. C.detection of errors.
  4. D.creation of errors.
Show the answer and explanation

Answer: B (correction of errors.)

Explanation

The suspense account holds the trial balance difference until the errors are found and corrected through it.