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Interlocking system

Forums › FIA Forums › MA1 Management Information Forums › Interlocking system

  • This topic has 6 replies, 3 voices, and was last updated 6 years ago by Ken Garrett.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • May 17, 2016 at 7:42 am #315406
    Gwen Henry
    Member
    • Topics: 12
    • Replies: 19
    • ☆

    Why is cost ledger control accounting used and what are the roles of the subsidiary ledgers?

    May 17, 2016 at 3:16 pm #315456
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    Cost ledger accounting can be used to provide more detailed costing of products. For example, the financial accounting system would Dr all production labour to one expense account n the financial records. Cost accounting could allocate costs to each product.

    The subsidiary ledgers can be thought of as keeping records for each product.

    May 18, 2016 at 6:57 am #315527
    Gwen Henry
    Member
    • Topics: 12
    • Replies: 19
    • ☆

    Is cost accounting the same as management accounting?

    May 25, 2016 at 3:32 pm #317078
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    More or less. Strictly, cost accounting accounts for costs, eg costs going into products, and management accounting includes any accounting useful for management – such as cost accounting and budget s.

    In practice, the terms are often used interchangeably.

    May 25, 2016 at 5:26 pm #317093
    Gwen Henry
    Member
    • Topics: 12
    • Replies: 19
    • ☆

    Thank you.

    August 3, 2016 at 3:11 pm #331150
    mamun88
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    What are the absorption costing n the marginal costing?
    And what is the differnce between these topics?

    August 8, 2016 at 1:13 pm #332032
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    See page 39 onwards of the notes.

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