Register Now

Login

Lost Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Add question

Sorry, you do not have a permission to add a question.
You must login to ask question.

Integrated & Non-integrated Accounts-Quiz to test your knowledge

Financial Accounting is basically Non-Integrated Accounting which accounts for only the monetary aspects of every business transaction. You purchase hundreds of inventory items but to record purchase, you only debit one “Purchase” Account with purchase value without any mention of quantities involved. Similarly you sell different trade items and record them by giving credit to only “Sales” Account.

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.

Take This Challenge !

Leave a reply