Question : Codification of accounts leads to ________.
Option 1: grouping of forms
Option 2: grouping of accounts
Option 3: grouping of sub heads
Option 4: None of these
Answer (1)
12th Jan, 2024
Correct Answer: grouping of accounts
Solution : The coding scheme of Account-heads should be such that it leads to the grouping of accounts at various levels so as to generate a Position Statement and Statement of Profit and Loss. Hence, the correct option is 2.
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