Departmental accounts re maintained to ascertain the

Assessment: JAMB UTME - Principles of Accounts - 1995 Subject: Financial Accounting

Question 1 Report

Departmental accounts re maintained to ascertain the
Answer Details
Departmental accounts are maintained to ascertain the contribution of each department. This means that departmental accounts are used to determine the revenue generated by each department and the corresponding costs incurred in generating that revenue. By analyzing the revenues and expenses of each department, management can make informed decisions about the efficiency and profitability of each department. This information is valuable in helping management to allocate resources, improve performance, and identify areas that require attention or improvement. By maintaining departmental accounts, an organization can improve its financial management and overall performance.
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