This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ...as a rule, best kept quite separate from the financial books. The most obvious advantages of so treating them are--(1) That entirely different staffs may then be kept upon the two classes of records, when each will provide a check upon the accuracy of the other's work. (2) The advantages that naturally obtain when ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ...as a rule, best kept quite separate from the financial books. The most obvious advantages of so treating them are--(1) That entirely different staffs may then be kept upon the two classes of records, when each will provide a check upon the accuracy of the other's work. (2) The advantages that naturally obtain when Ledgers are sub-divided, namely, that an exact balance can be more readily arrived at, and (to some extent) that each balance may be employed as a check upon the other. The exact accounts to be opened in the financial books to record the cost transactions in total, and to link up with the Cost Ledger, will naturally vary considerably according to circumstances. It is thought, however, that in the great majority of cases the principle of the Adjustment Account, as employed for Self-Balancing Ledgers and for Branches, is not very suitable, as it would necessarily involve periodically transferring the balances of all the Nominal Accounts in the financial books to a "Cost Ledger Adjustment Account." This would naturally interfere with the building up in the financial books of the usual Trading and Profit and Loss Accounts, and would leave the Counting-house entirely dependent upon the Cost Office in respect of these most important matters. A better plan would seem to be to make the Cost Ledger self-balancing, not by the introduction there of a single Adjustment Account to complete the double-entry of the various transactions recorded in the accounts of the various contracts (or jobs), but by including as many separate total accounts as there are different classes of expenditure dealt with in the Cost Ledger. In this way, while it remains a perfectly simple matter to balance the Cost Ledger independently of the financial books, its records ma...
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