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I have searched and there isn’t enough details of deferred tax in the Kaplan kit. Should I be worried if it will appear in the exam. And if it does, how should I deal with it.
Also, is it safe to say that any error that would affect the trial balance should be recorded in suspense accounts?
Thank god, thank you for that sir. Also, is it safe to say that any error that would affect the trial balance should be recorded in suspense accounts?
There is no rule that businesses have to use suspense accounts.
However if the trial balance does not balance (and so there must be errors) then it is common to use a suspense account in order to be able to check that all of the errors have been found and corrected.
Have you watched my free lectures on suspense account where I do explain this? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
Yes, I have watched them and they are lovely, John. Thank you so much for all that you do.??
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