Tag Archives | Cost Book Keeping

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. […]

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 […]

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