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Distinguish between branch accounts and departmental accounts?
LocationOne of the primary differences in branch accounting and departmental accounting stems from how the business is structured. Businesses with their own accounting departments use departmental accounting when the accounting process takes place in a central location but is compartmentalized because the business consists of various departments. Each department might have some level of autonomy and might undergo separate audits. Branch accounting is used in industries such as banking where the business consists of branches that are generally independent of one another, even though they are all owned by a parent company or organization. CostOne way branch accounting and departmental accounting differ is the amount of manpower required to perform the jobs. With departmental accounting, most of the accounting procedures can be performed in-house and might be able to use an individual accountant or a small team that oversees the accounting for all departments. B.K. Banerjee, author of "Financial Accounting: Concepts, Analyses, Methods and Uses," notes that maintaining separate books for each department can be expensive. Instead, many companies opt for one group of accountants to maintain all of the books. This cost consideration can also affect businesses using branch accounting because they might need multiple accountants to maintain books in separate branch locations. ResponsibilityThe level of responsibility and oversight is greater with branch accounting than it is with departmental accounting. Lack of centralization requires that each branch keep accurate records of its own. However, this also requires the parent company or organization to keep a watchful eye over the accountant and the branch organization. In departmental accounting, these actions occur within the central organization. Although the need to keep watch over each department remains, it can be easier to do so because it occurs within the parent company. ProfitabilityWhile branch and departmental accounting both help create a financial portrait of the company, with branch accounting, the profitability of each branch can be equally important. Companies can make adjustments as necessary for each branch of their organization. Adjustments can be made within individual departments as well, but profitability is seen within the larger picture of the parent organization's profits, rather than on an individual level.
Solution of intermediate accounting by Kieso 11th edition?
yes
Where can you get answers or solution for financial accounting advanced accounting problems by sp jain and kl narang?
Contact mailmutual@gmail.com
Warren Accounting 22e solution and test manual?
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What is Solution to warren Reeves Financial and Managerial Accounting 9E Chapter 3 problem 3-3a?
managerial accounting is used internally instead of externally for investors
Distinguish between branch accounts and departmental accounts?
LocationOne of the primary differences in branch accounting and departmental accounting stems from how the business is structured. Businesses with their own accounting departments use departmental accounting when the accounting process takes place in a central location but is compartmentalized because the business consists of various departments. Each department might have some level of autonomy and might undergo separate audits. Branch accounting is used in industries such as banking where the business consists of branches that are generally independent of one another, even though they are all owned by a parent company or organization. CostOne way branch accounting and departmental accounting differ is the amount of manpower required to perform the jobs. With departmental accounting, most of the accounting procedures can be performed in-house and might be able to use an individual accountant or a small team that oversees the accounting for all departments. B.K. Banerjee, author of "Financial Accounting: Concepts, Analyses, Methods and Uses," notes that maintaining separate books for each department can be expensive. Instead, many companies opt for one group of accountants to maintain all of the books. This cost consideration can also affect businesses using branch accounting because they might need multiple accountants to maintain books in separate branch locations. ResponsibilityThe level of responsibility and oversight is greater with branch accounting than it is with departmental accounting. Lack of centralization requires that each branch keep accurate records of its own. However, this also requires the parent company or organization to keep a watchful eye over the accountant and the branch organization. In departmental accounting, these actions occur within the central organization. Although the need to keep watch over each department remains, it can be easier to do so because it occurs within the parent company. ProfitabilityWhile branch and departmental accounting both help create a financial portrait of the company, with branch accounting, the profitability of each branch can be equally important. Companies can make adjustments as necessary for each branch of their organization. Adjustments can be made within individual departments as well, but profitability is seen within the larger picture of the parent organization's profits, rather than on an individual level.
Define contingent liabilities?
types of liabilities also used in accounting matter in business level accounting. when use this liabilities at money goes outside also get some types of loss but not actual loss of the company's accounting departmental also.
Where can contact solution be purchased from?
Contact solution can be purchased at most departmental stores and pharmacies. Some examples of these stores would be Walgreens, Target and CVS pharmacy.
What Is The Different Between Bookkeeping And Accounting?
Bookkeeping simply concerns with the recording of transactions in the books of accounts while accounting records, sums up, examines and communicates the financial data/transactions/economic events.
Solution of intermediate accounting by Kieso 11th edition?
yes
Where can you get answers or solution for financial accounting advanced accounting problems by sp jain and kl narang?
Contact mailmutual@gmail.com
What is the answer to p19-2 in intermediate accounting 12th edition?
The solution manual of intermediate accounting 12th edition by kieso is free.
What is a solution of Accounting problem meigs and meigs 9th edition chapter 9 Exercise 9-5?
what is accounting cycle
What is solution 6 accounting software?
Its an accounting software that focuses on Statutory Accounting, Its been bought out by MYOB and is no longer being developed.http://www.computerworld.com.au/article/116270/myob_solution_6_merge
In a departmental organization what is a gangplank?
In a departmental organization what is a gangplank?
Warren Accounting 22e solution and test manual?
Check out testbankmanual.com
What is the accounting solution for the case Dispensers of California?
There are many solutions. It will all be up to opinion to determine which on would be the best solution.
