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 the following situations when: (a) [...]

By |2016-12-12T08:06:16+00:00December 12, 2016|Cost Accounting|Comments Off on Non-Integrated Accounting System | Cost Accounting

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 accounting system transactions are classified [...]

By |2016-12-12T08:06:16+00:00December 12, 2016|Cost Accounting|Comments Off on Integrated Accounting System | Cost Accounting

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 are two figures of profit [...]

By |2016-06-10T10:14:14+00:00June 10, 2016|Cost Book Keep|Comments Off on Non-Integral System and Integral System | Cost Accounting
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