WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

	Enter your search terms Submit search form
	Web www.wordnet-online.com

Definitions from WordNet

Definitions from the Web

Suspense Account

A suspense account refers to an account used in financial accounting to temporarily hold transactions or balances until they can be properly classified or resolved.

Usage:

1. Noun - Financial Accounting:

In financial accounting, a suspense account is established to hold transactions or balances that require further investigation or clarification before they can be accurately recorded in the appropriate accounts.

Example sentence: The company created a suspense account to hold the uncertain payments until their nature was determined.

2. Noun - Business:

In a business context, a suspense account can refer to an account used to track unidentified or unresolved transactions, often associated with discrepancies or errors.

Example sentence: The finance department used a suspense account to trace the source of the discrepancy in the financial statements.

Related Products:

Find books about financial accounting and suspense accounts on Amazon.