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Need of reconciliation of cost and financial accounts. Mcqs on reconciliation of cost and financial accounts. (a) it reveals the reasons for difference in profit or loss between cost and financial accounts. The necessity for reconciliation of cost accounts and financial accounts arises due to the following reasons:

Companies use this method to find out if there are any discrepancies while preparing the accounting statements. Explain the meaning of certain key terms. Accountant or by the financial accountant in order to verify the correctness of cost and financial accounts as well as to explain the causes for disagreement in profits.” need for reconciliation of cost and financial profits a.

In integral system of accounting, we need not reconciliation of cost and financial accounts.but when we keep our cost and financial accounts separately, we need to reconciliation of cost and financial accounts like reconciliation of bank statements and cash book.with this, we can find the difference in profit or loss which are shown as per. Need for reconciliation of cost accounts: Financial accounts and cost accounts, they will not generally agree with each other’s profit figure.

In those concerns where there are no separate cost and financial accounts, the problem of reconciliation does not arise. Reconciliation also confirms that accounts in a general. Enumerate the advantages of reconciliation.

Reconciliation is an accounting process that ensures that the actual amount of money spent matches the amount shown leaving an account at the end of a fiscal period. Two sets of accounts necessitates the need to reconcile them. Explain the need for reconciliation of cost and financial accounts;

By examining cost accounts, financial transactions are compared and evaluated. Prepare a reconciliation statement (memorandum reconciliation account). Reconciliation of cost and financial accounts.

Reconciliation of cost and financial accounts: Cost accounts depend upon estimates and comprise a detailed analysis of financial expenditure: Appraise the need for reconciliation between cost and financial accounts.

The need for reconciling accounts and financial accounts arise due to discrepancy between cost accounts and financial account. Reconciling costs is an important financial process that helps to ensure accuracy in financial accounts. Marginal costing depreciation, provisions and reserves price level accounting tax planning and management capital expenditure & revenue expenditure 5.capital and revenue trading.

To coordinate the activities of financial and cost accounts; Failure to reconcile such analysis with financial accounts makes cost accounts unreliable. (i) reconciliation assists in ascertaining the accuracy and reliability of the various sets of books of account maintained in a business concern.

Reconciliation of the cost and financial accounts is a process to determine the difference between the profits calculated from financial accounts and cost accounts. Because of that reason reconciliation is necessary in order to match these two profit figures. In the words of h.

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