Integrated Accounting System of Cost Accounting
Integrated accounting is defined by the Chartered Institute of Management Accountants (CIMA) as “a collection of accounting records that offers financial and cost accounts using a common data input for all accounting purposes.” Method of Maintaining Books in Integrated Accounting System This method requires the maintenance of a single set of accounting records. The costing […]
What is a Non-Integrated Accounting System?
The non-integrated accounting system is an accounting method whereby accountants keep separate ledgers for cost and financial accounts. In such a system, the cost accounts are limited to just tracking transactions that are related to the good or service being offered. Therefore, expenses related to sales, production, or indeed any other expenses that fall within […]