suspence account - MARKETS
Suspence is an incorrect spelling. The correct spelling is suspense, which refers to a state of mental uncertainty or excitement in awaiting a decision or outcome. Words Near Suspence in the Dictionary suspection suspective suspectless suspectly suspector suspects suspence suspend suspendable suspended suspended coffee suspended-animation Houston Chronicle: What Is a Suspense Account, Why Is It Opened & How Is It Closed?
Understanding the Context
Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account ... What Is a Suspense Account, Why Is It Opened & How Is It Closed? The Norwich City Council moved nearly $480,000 in uncollectable taxes to a suspense account.
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Key Insights
Taxes in the suspense account are deemed unlikely to be collected but can still be pursued for up to 15 ...