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
Atkinson's Reliable Tools makes two products that use similar raw materials: #587Q and #253X. Estimated production needs for a unit of each product follows. #587Q #253X Steel (in p

sums with solution of marginal costing

If fixed costs are $743,122 and variable costs are 69% of sales, what is the break-even point in sales dollars? Select the correct answer. A. $512,754 B. $2,397,168 C. $1,255,876 D

Optimise Manufacturing Cost Of late it is perceived that in order to optimise manufacturing cost, a product might be designed and financed in one country; its material /compon

MX obtains 80% of the 1 million issued $1 ordinary share capital of FZ on 1 May 2009 for $1,750,000 when FZ's reserved earnings were $920,000. The carrying worth was considered

Draw the relevant diagrams for a typical farm, and for the market as a whole, when the market for wheat is in long run equilibrium. Assume the farm faces perfect completion. (hint,

Both the parts, Profit and Loss Account and Trading Account of last account are interdependent upon each other. Gross Profit or loss plays a very important role in the calculation

QUESTION 1 Job costing Create a spreadsheet solution to the following problem. Follow the template provided. Play the Job cost podcasts and work through the example problem in tho

Assume that a primary care physician practice performs only physical examinations.  However, there are three levels of examinations I, II, III - that vary in depth and complexity.

Valuation of Inventory or Closing and Issues Stocks Valuation of inventory aims on attaching a monetary value in the issued or stores for production. It is useful in producing