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Method of Codification should be: |
Easy to process data An identification mark Easy to understand, cryptic, and leads to grouping of accounts Such that it leads to grouping of accounts |
Such that it leads to grouping of accounts |
The correct answer is Option 4- Such that it leads to grouping of accounts. Method of codification should be such that it leads to grouping of accounts. The coding scheme of Account-heads should be such that it leads to grouping of accounts at various levels so as to generate Position Statement (Balance Sheet) and Statement of Profit and Loss (Profit-Loss Account). |
