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my first question is about that IS That statement true or false?–non current are assets that a company intends to keep? in mock exam the answer is true but i read from the book that if non current assets aren’t used they turn into the investment.
The second question is that Omission of error affects the suspense account?i mean omitted the whole transaction from the trial balance (not the one part of transaction)Strictly. non-current assets are assets controlled by the company that they intend to keep.
(I don’t know what you have read about them being turned into an investment – investments are also non-current assets 🙂 )If a whole transaction is omitted then there will not be a suspense account. The suspense account is only created if the debits to not equal the credits (one cause of which would be if just one of the debits or credits in the double entry was omitted).
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