Tag Archives | Cost Book Keeping

Non-Integrated Accounting System | Cost Accounting

In a non-integrated accounting system two different sets of accounting records are maintained for Financial Accounting and Cost Accounting purposes. This system is also called as ‘cost ledger accounting system’. The Cost Accounts are also maintained in double entry bookkeeping as in the case of Financial Accounts. The non-integrated system of accounting is followed in […]

Integrated Accounting System | Cost Accounting

In this article we will discuss about:- 1. Benefits of Integrated Accounting System 2. Prerequisites for Integration of Accounts 3. Accounting Entries under Both Methods. CIMA defines that “integrated accounting system refers to the interlocking of the financial and cost accounting systems to ensure all relevant expenditure is absorbed into the cost accounts. Under this […]

Control Accounts: Meaning, Advantages and Formats

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 […]

Non-Integral System and Integral System | Cost Accounting

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 […]

Non-Integral System | Cost Accounting

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. […]

Integral Accounting System | Cost Accounting

In this article we will discuss about Integral Accounting System:- 1. Meaning of Integral System 2. Basic Features of Integral System 3. Essential Prerequisites 4. Practical Problems. Meaning of Integral System: Integral or Integrated system is a system of accounting under which only one set of account books is maintained to record both the Cost […]

Principal Accounts and Cost Ledger | Cost Accounting

The following points highlight the top eleven principal accounts to be maintained in cost ledger. The principal accounts are: 1. General Ledger Adjustment Account 2. Stores Ledger Control Account 3. Wages Control Account 4. Work-in-Progress Ledger Control Account 5. Finished Goods Ledger Control Account 6. Factory Overhead Control Account 7. Administration Overhead Control Account 8. […]

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