24. Assertion (A): In an integrated accounting system, there is no need of reconciliation of cost accounting profit and financial accounting profit. Reason (R): Only one set of books provide information for the ascertain

CS Executive · Cost and Management Accounting · PYQS · June 2021
24. Assertion (A): In an integrated accounting system, there is no need of reconciliation of cost accounting profit and financial accounting profit. Reason (R): Only one set of books provide information for the ascertainment of cost as well as preparation of a balance sheet as per legal requirements. Select the correct answer from the options given below :
(A) (A) is true, but (R) is false
(B) (A) is false, but (R) is true
(C) Both (A) and (R) are true but (R) is not the correct explanation of (A)
(D) Both (A) and (R) are true and (R) is the correct explanation of (A)

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Cost Accounting System

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