Multiple choice

Directions: Choose the correct option for the given question:

The need of reconciliation arises in ______ accounting system.

  1. integral

  2. non-integral

  3. double entry

  4. single entry

  5. none of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Reconciliation is necessary in non-integral accounting systems because cost and financial accounts are maintained separately, often leading to differences in profit figures due to different treatment of items.

Keep practicing — related questions