Accountancy, asked by satvikpatel23, 3 months ago

In which type of accounting
system there is need for
reconciliation?

Answers

Answered by harishita023522

Answer:

Types of reconciliation

Bank reconciliation. ...

Vendor reconciliation. ...

Customer reconciliation.

Intercompany reconciliation. ...

Business specific reconciliation. ...

Accurate annual accounts must be maintained by all businesses. ...

Maintain good relationships with suppliers. ...

Avoid late payments and penalties from banks.

Answered by piyushkarn85

Answer:

reconciliation of cost and financial account-integral accounting system with journal entries maintaining one set of account integral accounting system eliminates the necessity of operating cost ledger controls account in a financial ledger general ledger adjustment account in cost ledger

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