Question: What are the items which are to be deducted while preparing a reconciliation statement?
Answer: (i) Items of income included in cost accounts but not in financial accounts. (ii) Items of expenditure included in financial accounts but not in cost accounts. (iii) Amounts by which items of income have been shown in excess in cost accounts over the corresponding entries in financial accounts. (iv) Amounts by which items of expenditure have been shown in excess in financial accounts over the corresponding entries in cost accounts. (v) Under-absorption of overheads in cost accounts. (vi) The amount by which closing stock of inventory is overvalued in cost accounts. (vii) The amount by which the opening stock of inventory is undervalued in cost accounts. (viii) Under charge of depreciation in cost accounts.
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Question:
What are the items which are to be deducted while preparing a reconciliation statement? Answer:
(i) Items of income included in cost accounts but not in financial accounts. (ii) Items of expenditure included in financial accounts but not in cost accounts. (iii) Amounts by which items of income have been shown in excess in cost accounts over the corresponding entries in financial accounts. (iv) Amounts by which items of expenditure have been shown in excess in financial accounts over the corresponding entries in cost accounts. (v) Under-absorption of overheads in cost accounts. (vi) The amount by which closing stock of inventory is overvalued in cost accounts. (vii) The amount by which the opening stock of inventory is undervalued in cost accounts. (viii) Under charge of depreciation in cost accounts. Source: CoolInterview.com
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