The Costing System Is the Part of the Accounting Information

question 53

True/False

The costing system is the part of the accounting information system that is common to both financial and management accounting.

Comprehend the procedure for posting journal entries to ledger accounts.

Distinguish between the different types of special journals.

Understand the concept of control accounts and their relevance to subsidiary ledgers.

Differentiate between transactions that should be recorded in general and special journals.

---

Definitions:

Data Communications

The process of transmitting digital information between two or more computers or devices.

Star Topology

A network topology where each node is individually connected to a central hub or switch, allowing for efficient data transmission and easy addition or removal of nodes.

Central Node

In a network, the central node is the primary point of connection that can communicate with all other nodes, acting as a central hub for data transmission.

DeviceNet Network

A digital, multi-drop communication network that connects and manages industrial devices, using a common industrial protocol.