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Integrated accounting system (Advantages (Disadvantages (Serve external…
Integrated accounting system
Accounting system
Must absorption costing
Working-in-process & finish goods
All cost should be accurately recorded
All organisations have legally obliged to keep records
Double-entry bookkeeping system
Individual transaction is record
Financial systems owed & monitor overall performance
Costing of products or services, jobs, contracts, processes
Planning, control & decision making
Good information needed = cost cards & time sheets
Economic forecasts, sales figures & prepare reports
Strategic, tactical & operational level
Designing & operating
Sources of data for all accounting purposes
Design & operate both financial & cost accounts in one
Advantages
One set of accounting records
Avoid having two set of records
Disadvantages
Serve external reporting & internal information
Marginal costing to value closing inventories
Coding systems
Tracks customers, suppliers, product & job info
Produces & print reports
Accuracy
Speed
Volume
Updated information
Availability of information
Management information
Presentation of information
Cost saving
Ease of use
Accountability = audit trail needs auditors & regulations