In this article we will discuss about Control Accounts:- 1. Meaning of Control Accounts 2. Advantages of Control Accounts 3. Formats. Meaning of Control Accounts: Control Accounts are the total accounts in the cost ledger which summarizes the totals of individual accounts (subsidiary ledger). In these accounts, entries are made once at the end of each accounting period based on [...]
The upcoming discussion will update you about the difference between non-integral system and integral system. Difference # Non-Integral System: 1. Two separate sets of account books are maintained—one to record cost transactions and the other to record financial transactions. 2. Cost Ledger is maintained. 3. Control Accounts are opened in the Cost Ledger. 4. There are two figures of profit [...]
In this article we will discuss about Non-Integral System:- 1. Meaning of Non-Integral System 2. Basic Features of Non-Integral System 3. Ledgers 4. Practical Problems. Meaning of Non-Integral System: Non-integral system is a system of accounting under which two separate sets of account books are maintained—one for cost accounts and the other for financial accounts. In other words, cost accounts [...]