For rectification of which of the following errors, suspense account is used?

Errors of Principle

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Errors of Omission

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Posting Error

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Errors of Original Entry

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Solution

The correct option is C
Posting Error

Posting Errors are rectified by using Suspense Account.

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Similar questions

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

Which of the following is incorrect with regards to suspense account in rectification of errors?

Q. Which account is generally used for rectification of errors?

Q. State whether the following statement is True or False:-
Suspense account is automatically closed after rectification of all errors.

Q. Which of the following errors is an error of omission?

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For rectification of which of the following errors, suspense account is used?

The correct option is C Posting Error Posting Errors are rectified by using Suspense Account.

The correct option is C
Posting Error

Posting Errors are rectified by using Suspense Account.