The accounts that may be reconciled are______ .

Question

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Reconciliation is a process typically applied to balance sheet accounts to ensure the accuracy of financial records. Income and expenses, which are part of the income statement, and cost of goods sold, which directly affects gross profit on the income statement, are not usually reconciled in the same manner as balance sheet accounts. Balance sheet account reconciliations help in verifying the correctness of financial position at a given point in time.

The Accounts That May Be Reconciled Are______