SUSPENSE ACCOUNT Definition

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SUSPENSE ACCOUNT, in accounting, is an account that is used on a temporary basis for receipts, disbursements, or discrepancies until such time as the analysis is complete and they can be properly classified.

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ENCUMBERED is when an asset is owned by one party subject to the legal claims of another party. One example is a homeowner that owns a home that is subject to (encumbered by) the claims of the mortgage holder.

BUSINESS is a commercial or industrial enterprise and the people who constitute it that undertake the activity of providing goods and services involving financial, commercial and industrial aspects.

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