Anonymous
May 21
Outline two circumstances which will lead to the opening of a suspence account?
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ChatGPT
May 21
1. Discrepancies in financial records: If there are discrepancies or errors in financial records that cannot be immediately resolved, a suspense account may be opened to temporarily hold the difference until it can be properly identified and corrected.
2. Unidentified transactions: If there are transactions that cannot be immediately classified or assigned to a specific account, a suspense account may be opened to temporarily hold these transactions until they can be properly identified and allocated to the correct account.
2. Unidentified transactions: If there are transactions that cannot be immediately classified or assigned to a specific account, a suspense account may be opened to temporarily hold these transactions until they can be properly identified and allocated to the correct account.
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Google Gemini AI
May 21
1. Disputed payment: When a payment is received but the exact amount owed is uncertain, a suspense account can be used to hold the funds until the dispute is resolved.
2. Unidentified remittance: When a payment is received without any identifying information, such as an invoice number or customer name, a suspense account can be used to hold the funds until the source of the payment is determined.
2. Unidentified remittance: When a payment is received without any identifying information, such as an invoice number or customer name, a suspense account can be used to hold the funds until the source of the payment is determined.
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