suspense account

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suspense account

A temporary account in which entries of credits or charges are made until their proper disposition can be determined.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

suspense account

(Accounting & Book-keeping) accounting an account in which entries are made until determination of their proper disposition

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

suspense′ account`

n. Bookkeeping.

an account in which items are temporarily entered until their final disposition is determined.

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Noun

suspense account - an account used temporarily to carry doubtful receipts and disbursements or discrepancies pending their analysis and permanent classification

account statement, accounting, account - a statement of recent transactions and the resulting balance; "they send me an accounting every month"

Translations

suspense account

n → Interimskonto nt

Collins German Dictionary – Complete and Unabridged 7th Edition 2005. © William Collins Sons & Co. Ltd. 1980 © HarperCollins Publishers 1991, 1997, 1999, 2004, 2005, 2007

suspense account

n (in ledger) → voce f in sospeso (Comm) → conto in sospeso

Collins Italian Dictionary 1st Edition © HarperCollins Publishers 1995

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I think I'd prefer to leave the fossil in what Kenyan archaeologist and anthropologist Louis Leakey used to call the "suspense account" until we have a lot more evidence.

To doubters: The evidence needed to declare a new human species from a Philippines site

The audit report indicates that examination of the general ledger for 2015-16 revealed confidential expenditure totaling Sh105,000,000 was charged to a general suspense account without verifiable source documents that indicate the approved allocation.

Uhuru's office fails to account for Sh2.7bn spent in three years - Auditor General

The Forensic Audit further revealed that the bank operated two sets of books and this was responsible for the regulators/auditors inability to detect massive losses and infractions, particularly the balance of N280billion in suspense account. A suspense account is used as a place to temporarily hold unclassified or disputed funds and expenses while a company decides where to put them.

Secret deals that turned Skye Bank from buyer of bridge bank to a 'bridge'

Suspense account - temporary accounts used while discrepancies are clarified - reconciliations have also not been appropriately undertaken, resulting in a financial cost to the council and payments not being made to HMRC.

Council payroll chiefs vow to stop 'overpayments' Pledge follows excess handouts in salary sacrifice schemes

If a suspense account is used, then they must ensure that all forfeitures for a plan yar are promptly used according to the plan's terms.

An Eye on Plan Forfeitures

Some service providers credit revenue sharing in excess of contractually stated fees to a suspense account or a bookkeeping account.

Understanding the various kinds of 401(k) service fee arrangements

Both scored highly on technical aspects such as the processing of sales invoices, dealing with the bank account and the suspense account and in the balancing and closing off of the accounts.

Young accountants in national test of skills

Besides registering a loss of Rs 2.45 billion to the NBP, Khadim Hussain, Corporate Head of the NBP, Faisalabad, has also incurred a loss half a million to the Bank through income tax, security charges, generator fuel and suspense account leakages.

NBP officials grant multi billion loan to defaulters

A suspense account is a temporary account in the nominal ledger that is used in two main situations.

Fundamentals of Financial Accounting: as with many topics, you would be well advised to practise a methodical approach to answering questions about suspense accounts, which are highly likely to appear in the CO2 exam

Money in such accounts is usually transferred to a suspense account. It is believed that there are more than 0.1 million inoperative accounts with Indian banks, and each is said to be holding INR1,350 on an average.

-Indian inoperative account value significant

The money goes into a suspense account and not towards the employee's state pension.