Integrated ledger system, Cost Accounting

Integrated Ledger System

An integrated account ledger system, which has a number of features that may be viewed as preferable to the interlocking ledger system. In present decade there has in fact been a move towards greater integration of accounting information needs in a single unified system an integrated ledger system, that an integrated ledger system liars the given advantages as:

i. There is merely one set of accounting records that is kept along with enough analysis to enable the preparation of cost and financial accounting statements and to provide the control mechanisms undertaken via management and financial accountants.

ii. There is only one loss and profit account. This removes the possibility of senior management frustration and confusion from the production of two seemingly different profit figures.

iii. There are no uses to reconcile financial and cost accounting records.

iv.There is a removal of the duplication of effort and cost that arises while separate ledger is maintained.

v. The integrated ledger system fits in along with the use of computer based information database and a systems approach to information availability and employ.

Entries in the Integrated Ledger System

The integrated ledger system encloses most of the entries in the interlocking ledger system. The financial ledger control account is no longer in need. The range of liability and asset accounts essential for financial control reasons and for the preparation of financial accounting statements will incorporate the entries that would have appeared in the financial ledger control account.

Posted Date: 2/6/2013 12:11:45 AM | Location : United States







Related Discussions:- Integrated ledger system, Assignment Help, Ask Question on Integrated ledger system, Get Answer, Expert's Help, Integrated ledger system Discussions

Write discussion on Integrated ledger system
Your posts are moderated
Related Questions
The Gladys Corporation buys office equipment costing $426,000 on May 12, 2013. In 2015, new and improved models of the equipment make it obsolete, and Gladys sells the old equipme

Expenses are usually recorded only while they are paid. The failure to record unpaid expenses in the accounts outcomes in an understatement of which expense and also an understatem

Advantages of Standard Costing 1. Management via Exception: the standard costing is an example for management via exception. By studying the variances, management's attentio

The text states that four conditions are necessary for the existence of a perfectly competitive market. Discuss in your own words each one. a)   Numerous participants: Roughly

what are the legal distinctions between a business combination, a merger, and a consolidation.

These should be distinguished from estimated liabilities. Estimated liabilities are identified liabilities where the amount is uncertain. Contingent liabilities conversely are not

labour cost related case study with solution

initial stock.=21,926,150 purchases.=361,550,000 other expenses=207,000,000 operatig profit=34,500,000 sqles=600,000,000 disc received=23,976,150 final stock=1000,000 variable exp

how marginal cost of a product is determined?

F ixed Overhead Variance (FOV) Fixed overhead variance has been described by ICMA, London, as 'the variation between the standard cost of fixed overhead absorbed in the pro