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
A product is manufactured by passing through three processes: A, B and C. In process C a by-product is also produced which is then transferred to process D where it is completed. F
Cost Units - Terms Used in Cost Accounting It is the quantitative units of the service or product in relation to those costs are ascertained. The cost unit will be determined
Vintage Auto Company manufactures parts to order for antique cars. Vintage Auto makes everything from fenders to engine blocks. Each customer order is treated as a job. Vintage Aut
importance of marginal costing &standing costing
Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records
the following activities relating to indirect production costs: Activity Activity Costs Cost Drivers Machine Setup $180,000 1,500 setup hours Materials Handling $50,000 12,500 poun
Purchase of office supplies.
Companies invest in overseas firms -- i.e., conduct M&As and joint ventures abroad for different reasons, just as the overall investment patterns (or FDI) of individual c
If the net income under marginal costing is #100,000, calculate absorption costing, if opening and closing inventories are #20,000 and #15,000
for the year ended31st dec 2008manufacturing accountshowing costof row material,manufacturing expenses and the cost of goods manufactured& tradind account where stock of row mater
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