Integrated (integral) accounting system – meaning.

Integrated Accounting is a system in which the accounts are integrated and only a single set of accounts are maintained for Cost and Financial records. It avoids maintenance of Accounts under cost accounting & financial accounting. This enables a firm to eliminate separate Profit and Loss Accounts under financial accounting and cost accounting systems and only one Profit and Loss Accounts are prepared. It provides entire information for the ascertainment of cost of each unit as well as preparation of a balance sheet as per the legal requirement of the organisation. It also provides necessary information as required by the costing and finance department. There is no General Ledger Control A/c is prepared in this system.

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