COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To maintain backward compatibility
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To obtain detailed information for audit purposes since all sub ledger accounting is at the detail level
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To calculate costs for transactions
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To create accounting strings that can be viewed and corrected just before they are transferred to the General Ledger
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To centralize accounting string generation across all modules
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Detailed explanation-1: -It helps organize the general ledger for a large corporation that maintains multiple streams of revenue and debts. Companies reflect the sum of their subledger in their general ledger. One of the main uses of a subledger is to record the accounts receivable transactions of specific clients.
Detailed explanation-2: -The following are the subcomponents of a subledger journal entry rule set: Description rules. Journal line rules. Account rules.
Detailed explanation-3: -Examples of sub-ledger are customer accounts, vendor accounts, bank accounts, and fixed assets. Plant and machinery, land and buildings, furniture, computers, copyright, and vehicles are all examples.
Detailed explanation-4: -There are various types of sub-ledgers such as inventory ledger, fixed assets ledger, cash ledger, purchase ledger, and sales ledger.