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 and Financial transactions. The system [...]
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. Cost of Sales Account and [...]
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 [...]