Question

Question 17:
The need for reconciling financial and cost
accounts arise
to comply with statutory obligations
to facilitate audit work
to fix standards
to ensure the reliability of cost accounts​

Answer 1

Answer:

Everything you need to know about the reconciliation of cost and financial accounts.

When cost and financial accounts are separately maintained by a concern in two different sets of books, the profit shown by cost accounts may not one for costing books and the other for financial books.

The profit or loss shown by the cost books differ from profit or loss shown by financial accounting for a number of reasons. Therefore, it becomes necessary that profit and loss shown by the two sets of books should be reconciled.

Answer 2

Explanation:

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