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A suspense account is an account used temporarily to carry doubtful entries and discrepancies pending their analysis and permanent classification. It can be a repository for monetary transactions (cash receipts, cash disbursements and journal entries) entered with invalid account numbers.
Ron Warmington of the forensic accounting company Second Sight, which had investigated the Horizon system in 2023, stated that the data leak was "another example of Post Office incompetence". Post Office took the document down from its corporate website and referred itself to the Information Commissioner's Office in respect of the data breach.
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
Liability accounts are used to recognize liabilities. A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms ...
Turnover in accounting personnel or other deficiencies in accounting and information processes can create an opportunity for misstatement. As for misappropriation of assets, opportunities are greater in companies with accessible cash or with inventory or other valuable assets, especially if the assets are small or easily removed.
Leak of hundreds of thousands of confidential documents pertaining to the bank accounts and companies held by politicians, High-net-worth individuals and other people, some in off-shore tax havens. [35] The focus was Panama law firm Mossack Fonseca. Paradise Papers leak; Peregrine Systems [8] [10] corporate executives convicted of accounting fraud
This article is supported by the Accounting task force. Finance & Investment Low‑importance This article is within the scope of WikiProject Finance & Investment , a collaborative effort to improve the coverage of articles related to Finance and Investment on Wikipedia.
The general ledger should include the date, description and balance or total amount for each account. Because each bookkeeping entry debits one account and credits another account in an equal amount, the double-entry bookkeeping system helps ensure that the general ledger is always in balance, thus maintaining the accounting equation: