The objective of departmental account is to

Assessment: JAMB UTME - Principles of Accounts - 2016 Subject: Financial Accounting

Question 1 Report

The objective of departmental account is to
Answer Details
The objective of a departmental account is to ascertain the amount of profits or losses for each department of an enterprise. This allows the management to analyze the performance of each department individually, and make informed decisions about resource allocation, cost-cutting measures, and expansion opportunities. By separating the expenses and revenues of each department, the management can understand the contribution of each department to the overall profitability of the enterprise. This helps in improving the efficiency and effectiveness of the organization, by identifying areas of improvement and focusing on profitable departments while minimizing losses.
Read lesson note on Departmental And Branch Accounts (WAEC)
Read lesson note on Departmental Accounts (JAMB)
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