Question

5)
ASSIGNMENT - II
6. Explain about departmental accounts.​

Answer 1

Explanation:

Departmental Accounting refers to maintaining accounts for one or more branches or departments of the company. Revenues and expenses of the department are recorded and reported separately. The departmental accounts are then consolidated into accounts of the head office to prepare financial statements of the company.

Answer 2

Answer:

Here is your answer

Explanation:

Departmental Accounting refers to maintaining accounts for one or more branches or departments of the company. Revenues and expenses of the department are recorded and reported separately. The departmental accounts are then consolidated into accounts of the head office to prepare financial statements of the company.

For example a textile mill which is having head office and factory. Separate accounts are maintained for production facilites and then the final results are sent to head office which are then incorporated by head office in their accounts.

Maintenance of separate accounts for each branch of a bank or financial instituion also falls under the category of departmental accounting. The bank then prepares its financial statement after consolidating accounts of all branches.

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