Intercompany accounts and reciprocal accounts are interchangeable terms.

Name: Intercompany accounts and reciprocal accounts are interchangeable terms.
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Question

Quizplus · Accepted Answer

Intercompany accounts and reciprocal accounts are both used to record transactions between two related companies. Intercompany accounts are used to record the receivables and payables between the two companies, while reciprocal accounts are used to record the assets and liabilities that are owed to or by the two companies.

Intercompany Accounts and Reciprocal Accounts Are Interchangeable Terms