branch of accounting which assists in systematic records of transaction
Answers
In branch accounting, each branch (defined as a geographically separate operating unit) is treated as an individual profit or cost center. Its branch has its own account. In that account, it records such items as inventory, accounts receivable, wages, equipment, expenses such as rent and insurance, and petty cash.
Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting...
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Answer:
In branch accounting, each branch (defined as a geographically separate operating unit) is treated as an individual profit or cost center. Its branch has its own account. In that account, it records such items as inventory, accounts receivable, wages, equipment, expenses such as rent and insurance, and petty cash.
owners, shareholders, management, suppliers, creditors, taxation authorities and various government agencies, etc. There are three main branches of accounting which include financial accounting, cost accounting and management accounting.