FREE Trial

Indicate the reasons why it is necessary for the cost and financial accounts of an organisation to be reconciled and

Question:

Indicate the reasons why it is necessary for the cost and financial accounts of an organisation to be reconciled and explain the main sources of difference which would enter into such a reconciliation.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 100% (QA)

Reconciling the cost and financial accounts of an organization is essential for several reasons as it helps ensure the accuracy of financial reporting and provides insights into the company s operatio…View the full answer


answer-question
Answered By
tutor-profile-image
Chandrasekhar Karri
I have tutored students in accounting at the high school and college levels. I have developed strong teaching methods, which allow me to effectively explain complex accounting concepts to students. Additionally, I am committed to helping students reach their academic goals and providing them with the necessary tools to succeed.
0.00 0 Reviews 10+ Question Solved
Related Book For  answer-question
Cost Accounting

Cost Accounting

ISBN: 9780070221628

4th Edition

Authors: Jawahar Lal, Seema Srivastava

See More Books
Question Details
Chapter # 15- RECONCILIATION OF COST AND FINANCIAL ACCOUNTS.
Section: Theory Questions
Problem: 4
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 07, 2023 12:50:01
See More Questions

Students also viewed these Business questions

Q:
You consider buying a three-bedroom flat in the Frogner-area of the city of Oslo. The market price is NOK 10 million. Accepting an 80% loan-to-value ratio, your friendly bank offers two alternative...
A:
1 Market price 2 Loan to value 3 Loan value 100 00 000 00 80 00 80 00 000 00 4 5 Op......
Q:
The Purpose of Risk Management in Healthcare Risks to patients, staff, and organisations are prevalent in healthcare. Thus, it is necessary for an organisation to have qualified healthcare risk...
A:
1 A medical care organization s typical working days are fast paced understaffed and intensively focused Each unfriendly incident may have a detrimental influence on an organization s operations notor......
Q:
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
A:
A hotel s target market is a specific subset of all hotel customers from whom a particular property seeks to obtain business This could be business travelers and families on vacation to a hotel near a......
Q:
Following are the most recent balance sheets for Country Kettles, Inc. Excluding accumulated depreciation, determine whether each item is a source or a use of cash, and the amount. COUNTRY KETTLES,...
A:
Item Source Use Amount Cash Use 5 080 Accounts receivabl......
Q:
In recent years, United Parcel Service (UPS) has been positioning itself as a solver of supply chain issues. Visit its website and read one of the case studies related to its supply chain solutions....
A:
The UPS website on solutions provides a variety of case studies on how UP......
Q:
A unity feedback system is shown in Figure AP10.5. We want the step response of the system to have an overshoot of about 10% and a settling time (with a 2% criterion) of about 4 seconds. (a) Design a...
A:
a From the overshoot specification P O 10 The plant transfer func......
Q:
Evaluate using the appropriate method or combination of methods. 16 dx (x - 2)(x+4) S
A:
The partial fraction decomposition has the form 16 A B x 2 x 4 x 2 x 2 Clearing denominators gi......
Q:
What is an RFP, and what critical tasks does it facilitate in the purchasing process?
A:
RFP is an acronym for request for proposal in this......
Q:
How important is Risk Management For a business? Explain.
A:
Risk management is a crucial aspect of running a business and its importance cannot be overstated It involves identifying assessing and prioritizing potential risks that may affect the achievement of......
Q:
The following auditors report was drafted by a staff accountant of Nathan and Matthew, CPAs, at the completion of the audit of the comparative financial statements of Monterey Partnership for the...
A:
The auditors report contains the following deficiencies Independent is omitted from the title of the......
Q:
The profit as per cost accounts is Rs. 1,65,300. The following details are ascertained on comparison of the Cost and Financial Accounts. (a) Opening Stocks: Materials Work-in-progress (b) Closing...
A:
To find the profit as per Financial Accounts and create a reconciliation statement we need to adjust the profit as per Cost Accounts for the differenc......
Q:
From the following figure, prepare a reconciliation statement: Profit Marketing overheads Provision for bad debts Factory overheads Director's fees Income Tax paid Rent of owned Premises Depreciation...
A:
Particulars Reconciliation Statement Profit as per C......
Q:
Problem illustrate common errors involving rational exponents. In each case, find numerical examples that show that the left side is not always equal to the right side. 1 (x + y)3 + (x + y)3
A:
Indeed the problem below illustrates a common error involing rational expone......
Q:
Write new versions of patient_thread () and doctor_thread () to implement your strategy. You should identify any new semaphores that you have added to the program and make it clear what value they...
A:
It seems like you re referring to a multithreading scenario where there are patient and doctor threads interacting Without specific details about the......
Q:
The biochemical characteristics of proteins can be used to infer evolutionary relationships and construct evolutionary trees. A proposed evolutionary tree is shown for the oxygen-binding globin...
A:
The detailed answer for the above question is provided below The stateme......
Q:
Ernest is trying to support a wife and three kids and was recently laid off from his job. He has run out of money and needs to feed his children. After running out of all other options, Ernest steals...
A:
The detailed answer for the above question is provided bel......
Q:
You needed to choose between two projects, which each required a $900,000 investment. You could only choose one, and your discount rate was 10%. Here's a reminder of the forecasted cash flows:...
A:
The calculations for the NPV and IRR of the two projects For both projects the initial investment is 900 000 and the discount rate is 10 For Project A Year 0 900 000 Year 1 500 000 1 0 10 1 454 545 Ye......
Q:
In January 2010, McNeil Consumer Health Care, a unit of Johnson & Johnson (J&J), recalled lots of Tylenol, Motrin, Benadryl, Rolaids, and aspirin in response to consumer complaints about moldy smells...
A:
From an ethical perspective Johnson Johnson s actions in the described situation rais......
Q:
Tellico Springs Water Testing Service was established on September 16, 2010. Tellico uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in...
A:
1 2 and 3 1 and 2 2 and 3 4 The total of the schedule of......
Q:
The overall reaction and equilibrium constant value for a hydrogenoxygen fuel cell at 298 K is 2H 2 (g) + O 2 (g) 2H 2 O(l) K = 1.28 10 83 a. Calculate E cell and G 8 at 298 K for the fuel cell...
A:
2 H 2 g O 2 g 2 H 2 O l oxygen goes from the zero oxidation......
Q:
Relevant-cost approach to pricing decisions. Stardom, Inc., cans peaches for sale to food distributors. All costs are classified as either manufacturing or marketing. Stardom prepares monthly...
A:
Relevant cost approach to pricing decisions 1 Normal markup percentage 46 000 54 000 85 19 of total variable costs 2 Only the manufacturing cost categ......
Q:
Target rate of return on investment activity-based costing. Electronic Arts (EA) distributes vide games to retail stores and video-game parlors. It has a simple business model: Order the video games,...
A:
Target rate of return on investment activity based costing 1 2 The table below shows that if the sel......
Q:
Cost-plus, target pricing, working backward. The new CEO of Roile Manufacturing has asked for a variety of information about the operations of the firm from last year. The CEO is given the following...
A:
Cost plus target pricing working backward 1 In the following table work backwards from operating inc......
Final Fantasy Lost Stranger Volume 4 - ISBN: 1975332938 - Free Book