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WHAT IS MONTH END CLOSING? AND WHAT YOU DO IN MONTH END CLOSSING PROCESS?
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Answer / h.r. sreepada bhagi
By mistake the above answer is posted by me here for another
query on Cost Centre.
For this query -
Month end closing of Accounts is the process of completing
all the accounting entries by the month end, provisioning
for expenses an preparation of Profit & Loss A/c for the
month and Balance Sheet as at the end of that accounting
month. The process is like year-end closing and finalization
of accounts.
Month-end closing is necessary for preparation and
presentation of MIS Report for deliberations, analysis and
decision making.
| Is This Answer Correct ? | 14 Yes | 0 No |
Answer / h.r. sreepada bhagi
Cost Centre is a segment of a business or other organization
in which costs can be segregated, with the head of that
segment being held accountable for expenses. Cost centers
are established in large organizations to identify
responsibility and to control costs.
Each department/division, project, office, factory, section
in a department, a process line in a factory can be a cost
centre. it may differ from company to company and may not be
uniform over different industries, companies, etc. The
purpose of cost centre segmentation is identification,
fixation of responsibility and control of costs as also
matching revenue-cost wherever possible. It also helps in
employee performance appraisal.
| Is This Answer Correct ? | 3 Yes | 6 No |
Answer / rohit
Month total days recorded of transction
1.All Accounts Entry Complted
2.MOnth end day closing Stock
| Is This Answer Correct ? | 3 Yes | 10 No |
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