Question

41. Reconciliation is usually done between
(A) Gross profit and net profit
(B) Previous year's profit and Current year's profit
(C) Costing profit and Financial accounts profit
(D) Current year profit with next year provisions
הארי​

Answer 1

Answer:

A Little Learning is a Dangerous Thing.

A Little Learning is a Dangerous Thing.

A Little Learning is a Dangerous Thing.

A Little Learning is a Dangerous Thing.

A Little Learning is a Dangerous Thing.

A Little Learning is a Dangerous Thing.

Answer 2

Reconciliation is usually done between costing profit and financial accounts profit (Option C).

• The reconciliation statement is prepared in order to find the reasons and causes of disagreement in the calculation of profit or loss as per the costing account and the profit or loss as per the financial account.
• The reconciliation statement serves the purpose of reconciling the differences between the two accounts and making required adjustments.
• The profit or loss calculated by the two sets of accounts is tallied in the reconciliation statement.