Question

what are the different types of branches? explain the need for branch accounting.​

Answer 1

Answer:

DIFFERENT TYPES OF BRANCHES

Branch Account System or Debtors System.

Stock and Debtors System.

Final Accounts System.

Wholesale Branch.

Answer 2

According to McAdam & Co, there are three basic forms of accounting, despite the fact that there are twelve branches in all. Tax accounting, financial accounting, and management accounting are the three forms. All types of firms benefit from management accounting, and the IRS requires tax accounting.

Branch accounting is a type of bookkeeping in which separate accounts are kept for each division of a company.

A branch is an establishment that engages in the same or essentially the same business activity as its parent company (HO). The headquarters (HO) of a firm is where the company's administration and policy decisions are made.

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