suspense account (Meaning)
suspense account (n)
an account used temporarily to carry doubtful receipts and disbursements or discrepancies pending their analysis and permanent classification
Synonyms & Antonyms of suspense account
No Synonyms and anytonyms found
suspense account Sentence Examples
- The suspense account holds transactions with uncertain classifications until their proper disposition can be determined.
- We created a suspense account to record the excess proceeds from the sale of an asset.
- The company's suspense account contains items that require further investigation before they can be allocated to specific accounts.
- The debit balance in the suspense account indicates a potential overpayment or missing information.
- The suspense account is used as a temporary holding area for transactions that don't fit into other account categories.
- An entry was made to the suspense account to rectify an error in the original journal entry.
- The suspense account balance should be zero once all the transactions have been properly classified.
- The company implemented a procedure to regularly review and clear the suspense account.
- The audit revealed several items in the suspense account that required additional documentation.
- The suspense account helped the company identify and correct inaccuracies in its financial records.
FAQs About the word suspense account
an account used temporarily to carry doubtful receipts and disbursements or discrepancies pending their analysis and permanent classification
No synonyms found.
No antonyms found.
The suspense account holds transactions with uncertain classifications until their proper disposition can be determined.
We created a suspense account to record the excess proceeds from the sale of an asset.
The company's suspense account contains items that require further investigation before they can be allocated to specific accounts.
The debit balance in the suspense account indicates a potential overpayment or missing information.
