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.
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