Suspense Accounts - ACCA Financial Accounting (FA) lectures

Suspense Accounts - ACCA Financial Accounting (FA) lectures
The complete list of free ACCA Financial Accounting (FA) lectures is available on opentuition.co...
Please go to OpenTuition to download the Financial Accounting (FA) notes used in this lecture, view the index to allFA lectures, and post questions on the Ask the ACCA FA Tutor Forums because we do not provide support on youtube comments section.
Free ACCA lectures for the ACCA Financial Accounting (FA) Exam

[@MessiMateoHub]

Again, by far, the best accounting lecturer online.

[@opentuition]

Thank you for your comment :-)

[@matthewgrech6484]

Your videos are very useful for self-studying students like me. Thank you very much

[@yanetdegalvez1007]

Don't you think that showing the trial balance and the errors to be corrected would help a little more? I mention this because personally I am a visual learner. However, the explanation was outstanding, clear examples, appropriate tone of voice and speed of speech. This is highly important since some of the people /students whose main language is not English watch and learn with your videos. Thanks a lot for this material.

[@Ang-s8f]

Exactly, that is how I learn too. I recognize that most tutor and lecturer don't really share their slides when explaining.

[@AbdulRahman-zl3ec]

yes definitely... opentuition should do that

[@potnudles]

But you know what a trail balance looks like. it just doesnt balance at the bottom. thats all..

[@Nyarie9904]

Thank you very much well explained

[@haramtariq4267]

Your voice reflects how intellectual you are😊

[@christinenyaloti1756]

Thank you for the lectures. They are very helpful.

[@thyabanisonkuna120]

Thank you so much.

[@googleuser5299]

Very useful, thanks

[@thunderforthrc7457]

Best usefull video

[@emmanuelquansah4173]

Very useful thanks

[@mohdjahangeer1397]

Thanks

[@abdul5697]

Which errors will require suspense account

[@mansoorkhan8703]

Thnks

[@langbunlongresult4719]

Which chart account should be create at (In asset or ...)?

[@ahmedgamal3945]

The suspense account is classified as a current asset, since it is most commonly used to store payments related to accounts receivable. It is possible to also have a liability suspense account, to contain accounts payable whose disposition is still being decided. If so, the liability suspense account is classified as a current liability.

[@alimurselov5964]

when either debit or credit side of suspence account?? i didnt understand it

[@opentuition]

If we need to debit an account to correct a mistake, then the corresponding credit goes to the suspense account. Similarly if we need to credit an account to correct the mistake, then the corresponding debit goes to the suspense account. Have you watched all the earlier lectures on double entry bookkeeping (and have you downloaded the free lecture notes that go with the lectures from our website?)

[@alimurselov5964]

@@opentuition not all videos just some.

[@opentuition]

@@alimurselov5964 To make sense of the topics you need to watch our lectures in the same order as the chapters in our free lecture notes. Later lectures build on earlier lectures.

[@ahmedgamal3945]

The suspense account is classified as a current asset, since it is most commonly used to store payments related to accounts receivable. It is possible to also have a liability suspense account, to contain accounts payable whose disposition is still being decided. If so, the liability suspense account is classified as a current liability.

[@matthewgrech6484]

Your videos are very useful for self-studying students like me. Thank you very much

[@mohammedmahsoub9778]

Thanks