Link between financial and cost books, Cost Accounting

Link between Financial and Cost Books

The link among the two sets of books is achieved via operating a cost ledger control account and a financial ledger control account.  Cost Ledger Contra Account such in the financial and cost books respectively. All the items that affect the costs accounts are recorded in the cost ledger control account, the similar items are recorded in the financial ledger control accounts, however on the opposite side of the account thus the account completes the double entry. The Cost Ledger Control Account is only a memorandum entry and is hence made in addition to the common entries in the financial books of account.

Posted Date: 2/5/2013 8:07:24 AM | Location : United States

Related Discussions:- Link between financial and cost books, Assignment Help, Ask Question on Link between financial and cost books, Get Answer, Expert's Help, Link between financial and cost books Discussions

Write discussion on Link between financial and cost books
Your posts are moderated
Related Questions
Hello, I am writing a report about a contemporary management accounting issue, and i can''t really seem to understand the guidelines well. What kind of topic can i use to write a

Direct Labour Rate Variance It is the difference among the actual direct labour rate and the standard direct labour rate for the total hours worked. Utilizing an equation,

what would your answer be to the following problem, please show detailed calculations: The XYZ Company manufacturers Part 123 for use in its production line. The manufacturering co

sir i want to know the whole procress of costing

Standard Costing A standard cost is a predetermined calculation of how much is supposed to be incurred under specific particular working conditions. It is not an average of pa

Determine the additional cash a company could obtain from its working capital accounts if it can improve its average collection period by three days and inventory turnover by 0.5 t

Functional Classification of Costs Beneath this classification, costs are classified according to the function they execute in an organization.  Costs can functionally be clas

What are the distinguishing characteristics of these types of stock- describe any one of them. What is the difference between par value, book value and market value of stock? Expla

Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma