Suspense Account

Business / Accounting / Suspense Account: A temporary account used to force a trial balance to balance if there is only a small discrepancy (or if an account's balance is simply wrong, and you don't know why). A typical example would be a small error in petty cash. In this case a transfer would be made to a suspense account to balance the cash account. Once the person knows what happened to the money, a transfer entry will be made in the journal to credit or debit the suspense account back to zero and debit or credit the correct account.

Other Words for Account

Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
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Other Words for Suspense

Suspense Adjective Synonyms: uncertainty, indefiniteness, insecurity, doubt, irresolution, expectancy, indecision, not knowing
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Medical Savings Account (MSA)

Health / Health Insurance / Medical Savings Account (MSA): A trust that employees of small businesses may establish to pay for out-of-pocket medical expenses. MORE

Medical Savings Accounts (MSA)

Business / Human Resources (HR) / Medical Savings Accounts (MSA): Savings accounts designated for out-of-pocket medical expenses. In an MSA, employers and individuals are allowed to contribute to a savings account on a pre-tax basis and carry over the unused funds a MORE

Memorandum Accounts

Business / Accounting / Memorandum Accounts: A name for the accounts held in a subsidiary ledger. Eg. the accounts in a sales ledger . MORE

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