If a trial balance does not tally, the difference is put to: MCQ with Answer and Explanation

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If a trial balance does not tally, the difference is put to:

A. Profit and Loss account

B. Suspense account

C. Drawings account

D. Capital account

Answer: Option B

Solution (By JKExamLibrary)

A suspense account is opened temporarily to make the trial balance agree pending detection of errors.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Which concept dictates that personal expenses of the owner paid from the business account should be treated as drawings?

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The objective of 'Financial Statements' is to provide information about:

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The 'Tax Information Network' (TIN) in India is managed by:

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Correct Answer: Option A

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