Describe types of error and its effect on suspense account, Accounting Basics

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Describe types of error and its effect on suspense account

Problem

A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined. Not all types of error affect the balancing of the accounting records and hence the suspense account. Describe four types of error and its effect on the suspense account.

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Accounting Basics: Describe types of error and its effect on suspense account

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Accounting Basics: Describe types of error and its effect on suspense account

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