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
Critical Thinking about Cost Flow It is simple to overlook an important aspect of cost flow within a manufacturing operation. If you see that have taken note of an important co
given formula
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
Q. What is the idyllic minimum or maximum population required to use fca? Ans. FCA is not depending on size. It is merely a common-sense approach to overseeing money and k
The question required consideration of both the monetary performance and the financial position, from the perception of a potential lender. As with previous questions, candidates w
Q. Calculate break-even level of sales volume and revenue? Z-Boxes sell for £299 and their variable production cost is £99. Research and development, and fixed production overh
standard hours = 5000 standard wages = Rs.3/hr actual hours worked = 5600 hrs actual wages paid = 17920
Example of Labour Remuneration Beneath a premium bonus scheme, workers obtained a guaranteed basic hourly minimum rate of pay in addition of a bonus of 50 percent of the time
WHAT IS LABOUR COST?
A CPA firm estimates that an audit will require the following work: Type of Auditor Expected Hours Cost per Hour Standard Costs Manager 10 $50 $ 500 Senior 20 40 800 Staff 40 30
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