Business

Concept of Departmental Accounting

Concept of Departmental Accounting

Concept of Departmental Accounting Departmental Accounting refers to maintaining accounts for one or more branches or departments of the company. Modern life is very mechanical, especially in big cities. The citizens of such cities expect all the goods and services just under a single roof. Conte.....

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Bankrupt

Bankrupt

A bankrupt is a debtor who is unable to pay his creditors in full. The definition of the bankrupt is having been legally determined to be unable to pay all debts. He has been adjudged a bankrupt by a court and has given the whole of his estate to the official assignee to be realized, […]Read More »

Accounting Procedure in Departmental Accounts

Accounting Procedure in Departmental Accounts

Accounting Procedure in Departmental Accounts Departmental Accounts are accounts relating to the several departments or sections of a busi­ness drawn up with a view to ascertaining their individual performances. It refers to maintaining accounts for one or more branches or departments of the com.....

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Bank Rate

Bank Rate

Bank Rate Bank rate is the rate charged by the central bank for lending funds to commercial banks. It is the rate of interest that is charged by the banks in a particular country. A bank rate is the official minimum rate at which the central Bank of country discounts approved bills of exchange or.....

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Bank Draft

Bank Draft

Bank Draft A bank draft is a form 01 cheque or a bill of exchange drawn by one bank upon another directing to pay a certain sum of money. It is a check that is drawn on a bank’s funds and guaranteed by the bank that issues it. It is a payment instrument whose funds […]

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Allocation of Expenses in Departmental Accounting

Allocation of Expenses in Departmental Accounting

Allocation of Expenses in Departmental Accounting Cost allocation is the process of identifying, aggregating and assigning costs to cost objects. Departmental Accounts are accounts relating to the several departments or sections of a busi­ness drawn up with a view to ascertaining their individua.....

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Balance of Trade

Balance of Trade

Balance of Trade It is the difference- in money value between exports and imports of a country. It is the difference in value between a country’s imports and exports. This balance is regarded as favorable when the value of exported goods exceeds that of imported goods. It’s the most s.....

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Key Differences between Branch and Department

Key Differences between Branch and Department

A branch is a segment of a business company located outside the head office. Department is a different functional area within the business organization. The purpose of Branch is to business expansion and to face competition. The purpose of the Department is to improve operational activities and b.....

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Bad Debt

Bad Debt

Bad Debt The term bad debts usually refer to accounts receivable that will not be collected. Debts, which are due to traders (debtors) because of credit sale and will not be realized at all, are called bad debts. In business, it is the portion of a loan or portfolio of loans a lender considers to.....

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Journal Entry for Inter-departmental Transfers

Journal Entry for Inter-departmental Transfers

Journal Entry for Inter-departmental Transfers Departmental Accounts are accounts relating to the several departments or sections of a busi­ness drawn up with a view to ascertaining their individual performances. Transfer of goods or services by one department to another department is called int.....

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Back Freight

Back Freight

Back Freight Throughout history, seas have been fundamental to people across the earth as a means of transportation. The cost of shipping goods back to the port of destination after they have been overcarried. Back Freight denotes repayment of freight by a shipowner owing to his fault if a shipow.....

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Concept of Containers Account

Concept of Containers Account

Concept of Containers Account A container is anything in which goods are packed for sale. The word containers may be substituted for drums, boxes, packages, cases, crates, bottles, barrels, empties and cask is different and appropriate situations. The modern business can not be separated from con.....

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