Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Cost Account Ledger System
A cost account ledger system is essential to analyze accounting information in order such costs may be accumulated for individual cost centers and charged to cost units. The information in the cost ledger will be employed for a range of planning, decision and control making reasons.
- The cost ledger control account in the financial ledger is a memorandum account that records the financial information that has been extracted for employ in the cost ledger.
- The financial ledger control in the cost ledger has two main reasons as:
(i) It creates the cost ledger self-balancing: It gets the place of an asset liability accounts in that one leg of the double entry would appear the financial ledger for all transaction as an example of the purchase of material on credit would be credited to sundry creditors control account in the financial ledger. In the cost ledger, it is credited to the financial ledger control account.
(ii) It enables an internal check to be performed via comparing its balances along with that of the cost ledger control account in the financial ledger. Both must record a balance that represents stock balances or Raw material, W.I.P and financial goods the total profit, while all other transactions have been completed. Any type of difference should be reconciled and investigated. Hence the final trial balance in the cost ledger will appears:
Dr
Cr
Stores Ledger Control a/c
x
W.I.P. control a/c
Finished Goods Control a/c
Costing Profit and Loss a/c
Financial Ledger Control a/c
Atlanta Company stock is expected to follow an exponential growth rate. The relationship between the current stock price P0, future price PT after time T, and the continuously comp
Accounting Case Study: The Champlain Career Consulting Corporation ("CCCC") is owned by three Trent graduates. Incorporated in 2009, CCCC provides a wide-range of career plann
Calculate the today's cash value of a car that can be leased with $5000 down, bi-weekly payments of $199 over 4 years and a buy-back value of $15,000 at the end of the lease if the
Direct and Indirect costs Recall such direct costs are costs which can be traced particularly to the end product of the production procedure while indirect costs cannot be so
what are the purposes of cost accounting
What are investment appraisal methods when opening a new project?
what are the concept and objectives of cost accounting?
Standards in Standard Costing 1) The type of standard utilized basic, attainable, ideal, current directly affects the level of the variances that can arise, and the meaning th
Allocation of Overhead Costs Allocation of overheads is the term utilized where the overhead cost item can be charged to a exact cost center without the requirement for any es
Cost Accountant and Cost Analysis Cost Accountant Is a member of chief accounting officers department? And he is responsible for collecting product costs and preparing ex
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd