To rectify what type of error is suspense account used ?
Dear Student,
Suspense Account is used to rectify the single-sided or one-sided errors. Those errors which may affect the agreement of Trial Balance are known as Single-Sided Errors or One-Sided Errors. These errors affect only one account and due to which both the columns of Trial Balance never match with each other. Partial Omission, Undercasting or Overcasting of an account, Balancing mistakes, etc. are some of the single-sided errors.
Hope this clarifies your doubt.
Keep Posting!!!
Suspense Account is used to rectify the single-sided or one-sided errors. Those errors which may affect the agreement of Trial Balance are known as Single-Sided Errors or One-Sided Errors. These errors affect only one account and due to which both the columns of Trial Balance never match with each other. Partial Omission, Undercasting or Overcasting of an account, Balancing mistakes, etc. are some of the single-sided errors.
Hope this clarifies your doubt.
Keep Posting!!!