Introduction to Inter Locking Accounts and Cost Control Accounts
In cost accounting, the books cost are mainly maintained within the following two systems.
I] Non-integral or non- integrated cost accounting and
II] Integral or integrated cost accounting.
In which cost and financial accounts are kept in a combined way, the system is termed as integrated and when if the records are kept separately; the system is termed as non-integrated system of maintaining accounts. Within the non-integrated system, separate ledgers are kept for financial transactions and when the cost accounts department is accountable for maintaining cost accounts.
Cost and Financial Accounts are considered as be interlocked while independent set of books are kept for each of them. Those accounts are interlocked by control accounts kept in the two sets of text books. Cost Ledger Control Account is kept in the financial text books and a General Ledger Adjustment Account is kept is costing text books. According to this way, connection among the two sets of books is preserved. In costing text books, all entries associating to fixed assets, cash etc. are posted in General Ledger Adjustment Account. In case it is needed to integrate the two trial balances into one, the Cost Ledger Control Account and General Ledger Adjustment Account can be omitted since they are kept on 'contra' principle.
The 'integration' as described in the above paragraphs, purposes at maintenance of only one set of text books where all transactions are recorded. Through eliminating, cost ledger, all control accounts are kept in the general ledger. The major advantage of integration is elimination of two sets of records and so the requirement for reconciliation is eliminated. Integration is advantageous from economy angle also because substantial cost can be saved by maintaining only one set of records. Though because of some difficulties, that may crop up in the implementation of similar, occasionally 'interlocking' of accounts is preferred. For instance, a separate Cost Accounting Department might become essential considering the growing significance of cost accounting and therefore an 'interlocking' accounting system might have to be operated.
Latest technology based Cost Accounting Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Inter Locking Account and Cost Control Account homework help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Inter Locking Account and Cost Control Account, project ideas and tutorials. We provide email based Inter Locking Account and Cost Control Account homework help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Inter Locking Account and Cost Control Account. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Cost Accounting homework help and assignment help services. They use their experience, as they have solved thousands of the cost accounting assignments, which may help you to solve your complex issues of Inter Locking Account and Cost Control Account. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com gamopetalous and irregular assignment help-homework help by online forms of corolla tutors
tutorsglobe.com conditions of price discrimination assignment help-homework help by online price discrimination tutors
ferrites tutorial all along with the key concepts of magnetic resonance, nuclear magnetic resonance, ferromagnetic resonance, antiferromagnetic resonance
Physiochemical Analysis tutorial all along with the key concepts of Electromagnetic spectrum, Absorption of Radiation, Limitations of Beers law, Principle of instrumentation
www.tutorsglobe.com offers acidity of terminal alkynes homework help, assignment help, online tutoring assistance, organic chemistry solutions by online qualified tutor's help.
Online STAR Exam Preparation course and online STAR tutoring package offered by www.tutorsglobe.com are the most comprehensive and customized collection of study resources on the web, offering best collection of STAR Practice papers, quizzes, STAR test papers, and guidance.
Circuit Analysis tutorial all along with the key concepts of Passive Components, Ohm's law, Kirchhoff's law, Node and Mesh analysis, Equivalent circuit, Thevenin's and Norton equivalents, DC and AC equivalent circuits
www.tutorsglobe.com offers answering questions to long-run equilibrium positions of a firm and industry, perfect competition assignment help - homework help in economics theory.
Population genetics tutorial all along with the key concepts of History of Population Genetics, study of allele frequency, emergence of modern evolutionary synthesis, Population genetics as a discipline
tutorsglobe.com balanced diet assignment help-homework help by online nutrition tutors
tutorsglobe.com mathematics education assignment help-homework help by online math tutors
tutorsglobe.com classification of bryophyte assignment help-homework help by online bryophytes tutors
Theory and lecture notes of Pigs in a Box all along with the key concepts of pigs in a box, homework help, assignment help, market structure, dominant strategy equilibrium. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Pigs in a Box.
www.tutorsglobe.com offers nasa model homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
Operating Point tutorial all along with the key concepts of Biasing circuit, Base-collector junction, base-emitter, forward-biased, reverse-biased, Cut-off-Open Circuit Condition, Saturation-Short Circuit Condition, Active Region, p-region voltage, n-region
1938386
Questions Asked
3689
Tutors
1483670
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!