PPT - Non-Integrated Accounting System B Com Notes | EduRev

Cost Accounting

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B Com : PPT - Non-Integrated Accounting System B Com Notes | EduRev

 Page 1


Non-Integrated Accounts
Page 2


Non-Integrated Accounts
? CIMA, London defines it as,” a system in 
which the cost accounts are distinct from the 
financial accounts, the two sets of accounts 
being kept continuously in agreement or 
readily recognisable”
? Also known as independent system, separate 
books system, cost ledger system, 
interlocking accounting system or traditional 
system”
Page 3


Non-Integrated Accounts
? CIMA, London defines it as,” a system in 
which the cost accounts are distinct from the 
financial accounts, the two sets of accounts 
being kept continuously in agreement or 
readily recognisable”
? Also known as independent system, separate 
books system, cost ledger system, 
interlocking accounting system or traditional 
system”
? Separate set of books for costing and for 
financial accounting
? For cost accounting, source of information is 
the same as financial accounting
? Cost accounts records only coasts, which are 
a part of Nominal Accounts
? For other accounts, cost control accounts or 
adjustment accounts are maitained
Page 4


Non-Integrated Accounts
? CIMA, London defines it as,” a system in 
which the cost accounts are distinct from the 
financial accounts, the two sets of accounts 
being kept continuously in agreement or 
readily recognisable”
? Also known as independent system, separate 
books system, cost ledger system, 
interlocking accounting system or traditional 
system”
? Separate set of books for costing and for 
financial accounting
? For cost accounting, source of information is 
the same as financial accounting
? Cost accounts records only coasts, which are 
a part of Nominal Accounts
? For other accounts, cost control accounts or 
adjustment accounts are maitained
? Main Ledger: Cost Ledger:  contains control 
accounts and nominal accounts other than 
Stores Ledger, WIP Ledger and Finished 
Goods Ledger
? Subsidiary Ledgers: Stores Ledger, WIP Leger 
and Finished Goods Ledger
Page 5


Non-Integrated Accounts
? CIMA, London defines it as,” a system in 
which the cost accounts are distinct from the 
financial accounts, the two sets of accounts 
being kept continuously in agreement or 
readily recognisable”
? Also known as independent system, separate 
books system, cost ledger system, 
interlocking accounting system or traditional 
system”
? Separate set of books for costing and for 
financial accounting
? For cost accounting, source of information is 
the same as financial accounting
? Cost accounts records only coasts, which are 
a part of Nominal Accounts
? For other accounts, cost control accounts or 
adjustment accounts are maitained
? Main Ledger: Cost Ledger:  contains control 
accounts and nominal accounts other than 
Stores Ledger, WIP Ledger and Finished 
Goods Ledger
? Subsidiary Ledgers: Stores Ledger, WIP Leger 
and Finished Goods Ledger
?Also known as Cost Ledger 
Control Account or Finance 
Ledger Control Account
?It is the counterbalancing 
account for the stocks of 
material, work-in-progress, 
and finished goods 
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