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What is an interlocking accounting system?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 preetham asked almost 3 years ago

Hi, Can you give a description on interlocking accounting system?

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

In interlocking accounting system, two set of accounts are prepared. In interlocking accounting system, all big organisation, take benefits of cost accounts separately from financial accounts. So, it can more control on cost.

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Open uri20170510 32134 1uwcnoc?1494421631 Shubhangi Jain answered almost 3 years ago

**Interlocking accounting system** is a system in which company records his transactions on the basis of financial accounting principles and cost accounting principles separately. It means, there will be two records of accounts. One is financial accounts record and second is cost accounts record. **Features of Interlocking Accounting System** ---------------------------------------------- - In interlocking accounting system, two set of accounts are prepared. - In interlocking accounting system, all big organisation, take benefits of cost accounts separately from financial accounts. So, it can more control on cost. - In interlocking accounting ledger, cost accounts are maintained in cost ledger and financial accounts are maintain in financial ledger.

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