NOMINAL LEDGER Definition

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NOMINAL LEDGER is the account book showing expenditure on nominal accounts i.e. named business accounts such as postage, printing, etc.

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PROCESS COSTING is a method of cost accounting applied to production carried out by a series of chemical or operational stages or processes. Its characteristics are that costs are accumulated for the whole production process and that average unit costs of production are computed at each stage.

INTERNAL is inside the country, e.g. a nations internal politics; or, happening, arising or located inside a company, e.g. internal requirements or transactions.

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