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) [...]
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 [...]
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 [...]