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Cost and financial accounts are reconciled under:

a. Integral accounting
b. Non-integral accounting
c. Both as above
d. None of the above

1 Answer

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Final answer:

Cost and financial accounts are reconciled under non-integral accounting, also known as single-entry accounting.

Step-by-step explanation:

The correct answer is b. Non-integral accounting.

Cost and financial accounts are reconciled under non-integral accounting, also known as single-entry accounting. This method is commonly used by small businesses and individuals who have simple financial transactions.

In non-integral accounting, only the cash transactions are recorded, while other non-cash transactions like credit sales, purchases on credit, and inventory are not taken into account. As a result, the financial statements produced through this method may not present a complete view of the financial position of a business.

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