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Cost Records – 10 Questions Quiz Part 1 !

Cost Records

Cost Records have a very important role in the accounting of a manufacturing organisation. Cost records provide the details about components of cost of a product or services i.e. material, labour and overhead. There are two system used in maintenance of cost records i.e. integrated records and non- integrated records.

Under non-integrated accounting systems, Financial Accounting and Inventory/Cost Accounting books/ ledgers are separately maintained. An Integrated Accounting System would be one where only a single set of books would contain all the information of Financial Accounting as well as Inventory/ Cost Accounting. Integrated system would be difficult to maintain if  accounts are maintained manually but most available Computerized Accounting Systems are Integrated Systems. In integrated system, the problem of reconciliation of financial accounts and cost accounts
does not arise.

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