CIMA BA2 · Chapter 8 · Question 1 of 9
What is an INTEGRATED accounting system?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) A single set of ledger accounts that meets the needs of both financial accounting and cost accounting
Explanation
Integrated accounts combine cost and financial accounting in one set of ledgers, so no reconciliation between two profit figures is needed. Interlocking accounts keep separate cost and financial ledgers, linked by control accounts, and require a reconciliation.
More Integrated accounting and management reporting MCQs
- Q3In an integrated accounting system, what entry records the issue of INDIRECT materials (such as cleaning materials) to the factory?
- Q4At the end of a period, production overheads have been UNDER-absorbed. In an integrated accounting system, what entry transfers the…
- Q5A company holds material inventory at STANDARD cost. It buys 6,000 kg of material on credit at $5.20 per kg; the standard price is $5.00…
- Q6Gross wages for a period were $92,000, of which $68,000 was for direct labour and $24,000 for indirect labour (supervisors and maintenance…
- Q7Under the principle of responsibility accounting, on which costs should a manager's performance be judged?