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
Allie forms Broadbill Corporation by transferring land (basis of $125,000, fair market value of $775,000), which is subject to a mortgage of $375,000. One month prior to incorporat

Cost Accounting Cost accounting has been defined via many accounting scholars in different forums. There is no single watertight definition of cost accounting, however the var

Woodall Ltd has two production departments, X and Y. For month 2, the company budgets its overhead costs as:   X Y Variable overhead

Calculate the equal monthly payments and the cost of financing on a 25-year mortgage. The cash value of the house today is $500,000. You are paying monthly at a fixed rate of 6% pe

Write a 1,200- to 1,500-word paper explaining the legal aspects, financial standards involved, and ethicality of the Excello Telecommunications case. Your paper should include the

Devprop Leasing an industrial property development company, that typically develops warehouse and industrial complexes in new or underdeveloped areas, operates these complexe

Using the  information provided prepare  the four financial  statements  for inclusion in Plantagenet Ltd's Annual Report dated at its balance date of 30th June 2011. The statement

Your client has asked you to provide guidance on the following potential accounting changes: (1) Change from straight-line method of depreciation to sum-of-the-years'-digits (2) Ch

explain the practical application of differential costing with the help of suitable example.

Variable Overhead Expenditure Variance Budget for December 2003; Shs. Fixed Overheads 11,480 Variable Ov