Correction of Errors and the Suspense Account | Explained with Examples

In this accounting lesson, we go through the suspense account and the correction of errors. We explain the different types of errors and show how to know which errors affect the suspense account and which ones do not.
00:48 - Suspense Account Explained
02:17 - When to open a Suspense Account
05:27 - Types of errors not disclosed by the trial balance
05:59 - Error of omission explained
09:23 - Error of commission explained
09:51 - Error of principle explained
19:51 - Error of original entry
23:42 - Compensating error
26:16 - Complete reversal error
32:51 - Types of errors disclosed by the trial balance
33:32 - Error of part omission
Accounting for Beginners | Part 2 | Debits and Credits | Journal Entries: • Accounting for Beginne...
Accounting for Beginners | Part 3 | General Ledger (T-Accounts): • Accounting for Beginne...
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[@user-cd1fc8tm5l]

For those who are still confused on when to credit and debit the suspense account, let me tell you in simple terms. Basically you credit a suspense account when you aren't 100% sure that where the value has gone, and you debit the other affected account. And once you are sure where the value has gone, for example by asking your boss, you debit the suspense account and you credit the affected account. You are Welcome 😊

[@garyprice7446]

Studying AAT level 2 and had been struggling on suspense accounts. This video made everything easier to understand than my study text thanks.

[@pearly__]

I'm speechless. I've been having problems on suspense accounts for as long as I can remember. Just watching your video made it so much easier. Thank you so much 💞💞 I really appreciate thisss 🥺🥺 I'm definitely going to watch all your videos Love from Nigeria

[@AllieCarter2514]

Thanks for the clear explanation! I had not heard these terms before watching this and now I feel much more confident for my bookkeeping class.

[@leahmmoya3865]

Thank you so much, please do examples of correcting errors and suspense account using the pre and post-trial balances without additional transactions.🙏

[@rere4223]

This is very informative and well detailed explanation. Thank you!! Blessings🙏

[@thetoblackrose]

This was so helpful. Thank you so much

[@awebwasheila1594]

thanks good teacher... i've really understood this

[@gaonekemane2957]

Thank you so much for simplifying, writting my exam in 2 days🎉

[@Counttuts]

Glad it was helpful!

[@lovedaychichi3525]

Thanks for the clear explanation of this topic

[@MosesMaholDotRing]

Thanks you so much, you have helped many people who have desire to be an expert Accountant.

[@user-yx9jr7dd1h]

Thanks very much for simple explanation

[@Landoz19]

thank you,well explained

[@faithyjacobson]

Finally understood this Thank you so much.....

[@Lily-kq4wi]

amazing explanation. ❤ thank u so much

[@hillarywenyimo21]

Thanks bro it was really helpful

[@abelmushili3083]

Well articulated sir❤

[@amonivihinda9261]

Thanks a lot. ❤

[@princeblac]

anx for clear explainations

[@ntokozomavhankeni4029]

Always helpful

[@user-bi7tx9ji7i]

Thanks so much❤

[@masikadianah8626]

Thank you ❤

[@dorothyorisakwe]

Thanks for your well explanations. I will appreciate if the topics followed accordingly. I was expecting the follow up on accounting for beginners number 6 or is the suspense account the next? Thanks

[@lavender-ib3sw]

Thank u so much so happy rn alhamdhulilahi

[@Derea-Edina]

Woooiw thank you

[@AliethFortidas-yw1ym]

Thanks ❤

[@tatendamawoneke9707]

thank you

[@charton2752]

Thanks for The lessons really helpful And kindly asking if you have lessons on Bank reconciliations and statements of cash flows

[@awebwasheila1594]

for real.. i need it too

[@user-km4io2mu4n]

Great video sir. But how do i solve when the questions have depreciation?

[@user-mo5nk2il2w]

Am able to understand

[@arituquah9397]

Great video. Thanks

[@niloyghosh6495]

Sir if cash sales is overcasted in cash book than it will not affect the trial balance right? As cash sales are recorded in sales account from cash book. So if cash book is wrong than sales account is also wrong leading the trial balance to match?

[@tumeloramohlabi4849]

Does opening invertory and closing inventory affect profit and how

[@shadiahnamugerwa4472]

Thanks 😊 🫂 🙏 😊

[@user-kr9rc3gu2p]

Short replenish of Petty cash

[@AndrewMabvura]

But why are you doubling the amount to correct an error which concern with banks only?

[@3x087]

🎉🎉🎉thank you so much. That is very great Video,I completely understand now

[@Mgtv832]

❤😢😮😅😂😊

[@kameelahsanni8702]

Alhamdulilah 🥹 i got itttt Alhamdulilah