State whether the following statements are True or False with reason:T

1.	State whether the following statements are True or False with reason:There is no need to open a Suspense Account if the Trial Balance agrees.
Answer» This statement is True. When the Trial Balance does not tally a temporary account called ‘Suspense Account’ is opened to balance the trial balance. So when the trial balance is agreed there is no need to open ‘Suspense Account’.

State whether the following statements are True or False with reason:There is no need to open a Suspense Account if the Trial Balance agrees.

Answer»

This statement is True.

When the Trial Balance does not tally a temporary account called ‘Suspense Account’ is opened to balance the trial balance. So when the trial balance is agreed there is no need to open ‘Suspense Account’.

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State whether the following statements are True or False with reason:There is no need to open a Suspense Account if the Trial Balance agrees.

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