There is no need to open a Suspense Account if the Trial Balance agrees.
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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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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