Suspense Account Quiz
Quick multiple-choice quiz on suspense accounts: what they are, when to use them, and potential consequences.
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Quiz Questions & Answers
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Question 1: What best describes a suspense account in accounting?
An account used to record only depreciation expenses
A permanent reserve for estimated future losses
A temporary holding account for unclear or unmatched transactions
Question 2: When is a suspense account usually created?
When the trial balance does not agree
At the end of the financial year only
When recording cash sales
Question 3: What happens to a suspense account after errors are corrected?
It remains permanently in the books
It is closed by transferring the balance to the correct accounts
It is converted into capital