True or False: Non-integrated accounting systems include financial transactions unrelated to costs.

False. Non-integrated accounting systems do not include financial transactions unrelated to costs.

Fill in the blank: The primary ledger of the cost department is known as the ___ ledger.

Cost

What role do control accounts play in non-integrated accounting systems?

Control accounts are used to keep cost and financial accounts in agreement, ensuring accuracy in financial reporting.

True or False: The Work-in-Process Ledger only records completed jobs.

False. The Work-in-Process Ledger records accounts of incomplete jobs and processes.

Fill in the blank: The Debtors' Ledger contains accounts for all trade ___ who owe money to the organization.

Debtors

How are direct and indirect labor costs allocated in accounting?

Direct labor costs are debited to the Work in Progress Control account, while indirect labor costs are debited to the Overhead Control account.

Fill in the blank: An integrated accounting system eliminates the need for ___ between cost and financial records.

Reconciliation

What is the significance of reconciliation between cost and financial accounts?

Reconciliation enhances financial accuracy.

• Ensures accuracy in reports.

• Maintains cost reporting precision.

• Fosters collaboration between teams.

Fill in the blank: The Finished Goods Ledger records the receipt, sale, and stock of ___ goods.

Finished