Question

A separate balance sheet is prepared for each department. True or False
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Answer 1

Answer:

True is the answer

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Answer 2

True, a separate balance sheet is to be prepared for each department.

In monetary bookkeeping, a balance sheet is a rundown of the monetary balances of a person or association, regardless of whether it be sole ownership, a business association, an enterprise, a private restricted organization, or other association like the government or not-revenue driven element. Resources, liabilities, and possession value are recorded starting at a particular date, like the finish of its monetary year.