COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To calculate costs for transactions
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To maintain backward compatibility
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To centralize accounting string generation across all modules
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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 obtain detailed information for audit purposes since all subledger accounting is at the detail level
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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: -Prerequisites. Set up a subledger application in the Accounting Methods Builder (AMB). Set up ledgers in General Ledger.
Detailed explanation-3: -There are various types of sub-ledgers such as inventory ledger, fixed assets ledger, cash ledger, purchase ledger, and sales ledger.
Detailed explanation-4: -The process that allows transfer of subledger journal entries to general ledger uses separate processing workers that are specialized in general ledger transfer. A lightweight general ledger transfer parent process is used to distribute the workload to the workers.