Question

in departmental accounting,where separate books are kept for each department,it is commonly referred to a
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Answer 1

Answer:

single entry call Munnar form in departmental accounting where a separate books are kept for each department it is commonly referred to as a independent

Explanation:

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Answer 2

This practice is commonly referred to as Independent Accounting in context to the given question.

• Department-based accounts are mainly the financial statements or loss-gain results produced for the particular time period for specific divisions or sectors of an enterprise in order to evaluate their unique performance.
• An enterprise or business sector have several divisions or units where all of them focus on the separate commodity. However, these products are generally of the same niche or category in one division and they vary in another division.
• An entrepreneur splits the store into multiple divisions, each of which is referred to as a unit or department. This is necessary to undertake the operations in the departmental sector more efficiently and prevent chaos related to product sales and finance-related chaos.
• To assess the loss and gain made by each unit, distinct Sales and Financial statements should indeed be prepared for each division.
• Each department's gain or loss is then transferred to the main financial account which evaluates the individual and overall financial report for all included subdivisions or departments.
• Hence, it is called independent accounting which later merges into general accounting.