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When a Suspense Account is opened, it is usually done to temporarily record discrepancies in the trial balance arising from errors of omission, commission, principle, or clerical mistakes. The primary objective is to identify, analyze, and correct the errors so that the financial statements reflect a true and fair view. Rectifying errors involves passing appropriate journal entries that adjust the relevant accounts and close the Suspense Account. The first step in rectification is to identify the type of error. Errors may include errors _____ __________ _________ ________ ____ __________ ______.
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