JAMB - Accounts Principles Of Accounts (2016 - No. 40)
The objective of departmental account is to
ascertain the amount of profits or losses for the enterprise
ascertain the amount of profits or losses for each department
ascertain the cost of running the organization
offset the loss of each department
Explanation
The main objectives of departmental accountingare: To check out an interdepartmental performance. To evaluate the performance of the department with the previous period result. The gross profit of eachdepartment can be ascertained.
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