Category Questions

Suspense Accounts

In order to trace out ambiguous entries, entities take support of Suspense Accounting. So, that it can find out the reasons and properly record the transaction. The role of this account came into play in two circumstances: when the accountant…

Cost of Goods Manufactured

We have covered Cost of goods manufactured topic in detail previously. Keeping in view the demand of this topic in students, we are putting together some very interesting problems and solutions. Practicing these will increase your chances of passing exams…

Job Order Costing System

Job Order Costing is an important topic in accounting. In most of the manufacturing sectors such as textile industry, all jobs are accounted for using this costing method. In large companies such as textile sectors, orders from customers are received…

Closing Entries Problems and Solution

Closing entries are required to be passed to ensure accounting records show true and fair view of the financial position of the company. Therefore, role of Closing Entries are very important. The following Closing Entries Problems with Solution will help…