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cost ledger control account


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The control account that appears in the financial accounting ledger in an accounting system in which separate books are maintained for the financial and costing records. The balance on the cost ledger control account agrees with the net total of the entries made in the cost ledger. Including the cost ledger control account in the financial accounting ledger makes the latter a self-balancing record from which a trial balance can be extracted.

Subjects: Accounting.


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