Question

There is no need of reconciliation of cost and financial accounts in cost ledger.

Answer 1

(a) It reveals the reasons for difference in profit or loss between cost and financial accounts.

(b) It ensures that no income or expenditure item has been omitted to record and there is no under- or over-recovery of overheads. (c) It helps in checking the arithmetical accuracy of both the sets of accounts

Answer 2

Explanation:

it reveals that there is no need of reconciliation of cost and financial accounts in cost ledger