How are Cost Accounting Records Maintained [with Accounting Entries]! Non-Integrated Accounting System: The following important ledgers are maintained by the cost accounting department: 1. Cost Ledger: This is the principal ledger in which the impersonal accounts (nominal and real accounts) are recorded. 2. Subsidiary Ledgers: (a) Stores Ledger: In this ledger, a separate account for each item in the stores [...]
After reading this article you will learn about the Planning Accounts details for Cost Accounting Records. Expense/Income Accounts in some order: A portion of General Ledger or a separate ledger known as Nominal Ledger or Profit & Loss Ledger of a company contains various accounts of revenue and expenditure (i.e. income/expense or profit/loss accounts) With the advent of computerisation, these [...]
This article throws light upon the top ten check points for auditing cost accounting records. Some of the check points are: 1. Direct Materials, Including Process Materials 2. Finished and Semi-Finished Components 3. Consumable Stores Tools and Spares 4. Wastages, Spoilages, Defectives, Rejection, etc. 5. Salaries and Wages 6. Depreciation 7. Work-in-Progress and Finished Goods Stock and a few others. [...]