Question

The account(s) that may be reconciled is (are)---- a.balance sheet account b.Profit&loss account c. The customer...

The account(s) that may be reconciled is (are)----

a.balance sheet account

b.Profit&loss account

c. The customer list account

d. trial balance account

Homework Answers

Answer #1

- It should be noted that Balance Sheet and Profit & Loss Accounts are prepared using Trial Balance. Hence Both of these accounts need not reconcile after the Trial Balance is finalised.

- Trial Balance Account can always be matched with individual ledgers. But it is also reconciled using Closing stock figures or additional adjustments, if required.

- Customer List account: For a customer list account, account confirmation is sought at the end of accounting period. A difference in balances of both the parties may require a reconciliation.

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