Multiple choice

When a balance sheet does not tally the experienced accounts put the difference in suspense account.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Explanation: When a Balance sheet does not tally, the accountant makes all out efforts to locate the errors and correct the same. If the difference could not be located after all the efforts are made, then the accountant takes permission of the decision making authority and transfers the difference to the suspense account which has to be wiped by locating the difference or as a business loss.

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