DEPARTMENTAL ACCOUNTING Definition

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DEPARTMENTAL ACCOUNTING is where departments within an entity have varying degrees of autonomy, but are not usually separated geographically from the rest of the business. They may be concerned with manufacturing or, in the case of a department store, with retailing. Departmental accounts usually include a trading account and may also include a profit and loss account to which overheads are allocated or imputed.

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FUND is a pool of money normally set apart for a purpose, for example, a pension fund to provide pensions.

MARSHALLING is to make ready for action or use, e.g., the marshalling of resources.

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