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A manufacturing concern may adopt either inter graded accounting system or non-
integral accounting system. Under integrated account ting system, only one set of books
is maintained to record both costing and financial transaction, therefore, under this
system, both financial accounts
and cost accounts give similar results. But in non-integral accounting system, separate
books are maintained for costing and financial transactions, which may exhibit different
result i.e. profit or loses. In other words, when cost accounts and financial accounts are
maintained independently by a concern, the profit or loss shown by the cost accounts
may not reconcile the profit or losses shown different by cost account and financial
accounts by preparing a statement called 'cost reconciliation statement'.