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Which of the following is a prerequisite for an integral accounting system?
- a)Determining the degree of integration.
- b)Maintaining full details in the ledger.
- c)Perfect coordination between staff responsible for financial and cost aspects.
- d)Preparation of interim accounts.
Correct answer is option 'C'. Can you explain this answer?
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Which of the following is a prerequisite for an integral accounting sy...
- Perfect coordination between staff responsible for financial and cost aspects
In order to have an integral accounting system, it is crucial to have perfect coordination between the staff responsible for financial and cost aspects. This ensures that all parties involved are working together towards the same goals and objectives, leading to a more efficient and effective accounting system.
- Determining the degree of integration
While determining the degree of integration is important in setting up an integral accounting system, it is not necessarily a prerequisite. Integration can vary based on the needs and requirements of the organization, but without proper coordination between staff responsible for financial and cost aspects, the integration may not be successful.
- Maintaining full details in the ledger
Maintaining full details in the ledger is important for accurate record-keeping, but it is not a prerequisite for an integral accounting system. While detailed records are essential for proper financial management, they do not directly impact the coordination between staff responsible for financial and cost aspects.
- Preparation of interim accounts
Preparing interim accounts can provide valuable insights into the financial health of the organization, but it is not a prerequisite for an integral accounting system. Interim accounts are typically used for monitoring purposes and decision-making, but they do not directly contribute to the coordination between staff responsible for financial and cost aspects.
In order to have an integral accounting system, it is crucial to have perfect coordination between the staff responsible for financial and cost aspects. This ensures that all parties involved are working together towards the same goals and objectives, leading to a more efficient and effective accounting system.
- Determining the degree of integration
While determining the degree of integration is important in setting up an integral accounting system, it is not necessarily a prerequisite. Integration can vary based on the needs and requirements of the organization, but without proper coordination between staff responsible for financial and cost aspects, the integration may not be successful.
- Maintaining full details in the ledger
Maintaining full details in the ledger is important for accurate record-keeping, but it is not a prerequisite for an integral accounting system. While detailed records are essential for proper financial management, they do not directly impact the coordination between staff responsible for financial and cost aspects.
- Preparation of interim accounts
Preparing interim accounts can provide valuable insights into the financial health of the organization, but it is not a prerequisite for an integral accounting system. Interim accounts are typically used for monitoring purposes and decision-making, but they do not directly contribute to the coordination between staff responsible for financial and cost aspects.
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Which of the following is a prerequisite for an integral accounting sy...
One of the prerequisites for an integral accounting system is perfect coordination between the staff responsible for the financial and cost aspects. In order to ensure an efficient processing of accounting documents, there needs to be seamless collaboration between the finance department and the cost department. This coordination allows for the integration of cost and financial accounts, resulting in a single set of accounts that provides necessary information for both costing and finance purposes.
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Which of the following is a prerequisite for an integral accounting system?a)Determining the degree of integration.b)Maintaining full details in the ledger.c)Perfect coordination between staff responsible for financial and cost aspects.d)Preparation of interim accounts.Correct answer is option 'C'. Can you explain this answer?
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Which of the following is a prerequisite for an integral accounting system?a)Determining the degree of integration.b)Maintaining full details in the ledger.c)Perfect coordination between staff responsible for financial and cost aspects.d)Preparation of interim accounts.Correct answer is option 'C'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which of the following is a prerequisite for an integral accounting system?a)Determining the degree of integration.b)Maintaining full details in the ledger.c)Perfect coordination between staff responsible for financial and cost aspects.d)Preparation of interim accounts.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is a prerequisite for an integral accounting system?a)Determining the degree of integration.b)Maintaining full details in the ledger.c)Perfect coordination between staff responsible for financial and cost aspects.d)Preparation of interim accounts.Correct answer is option 'C'. Can you explain this answer?.
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