1. What do you understand by integral and non-integral system of accounting? What is a general ledger adjustment account?
2. What procedure you would adopt in order to reconcile, at the end of an accounting period, the overheads charged in cost accounts with that shown in the financial accounting?
3. Explain a] General ledger adjustment account. b] Stores ledger control account. c] Work in progress ledger control account. d] Finished goods ledger control account.
4. What are the advantages of control accounts?
5. A] State the advantages of maintaining a cost ledger.
B] Insert specimen entries in the following accounts of a cost ledger, explaining from what sources such entries are normally obtained, stores ledger control account, work in progress ledger control account, finished stock ledger control account, cost of sales account.