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#Post#: 291--------------------------------------------------
FREE 100% CORRECT FINANCIAL ACCOUNTING ESSAY AND OBJECTIVE ANSWE
RS
By: Ebenezer Date: September 20, 2013, 2:41 am
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I need just 10 invites, invite 10 people in your exam center if
you want the answers, if you dont invite, i'm sorry no expo.
#Post#: 292--------------------------------------------------
Re: FREE 100% CORRECT FINANCIAL ACCOUNTING ESSAY AND OBJECTIVE A
NSWERS
By: Ebenezer Date: September 20, 2013, 3:57 am
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1a. departmental account means account prepared separately for
the department and here ledgers will be opened, trial balance
will be prepared and also profit
and loss account.it determines the financial status of each
department in an institution.
1b. apportinate is a term used for differentiation and division
of each department financial status into different account.
C. purpose of departmental account
- to determine the financial status of each department
- it is used to determine profitability of each
department
- it is useful for decision - making processes.
- it is used for determine gross profit of each
department
- it is used for monitoring the progress of each
department
(3ai)prime cost are the cost that can be traced to a particular
production unit.
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(3aii)
-direct materials: this is the expenditure on raw
materials which can be traced to aparticular
production unit
-Direct expenses: these are expenses which have
direct indentfication with production e.g royalties
-direct labour: this refers to the wages of employeess
who are directly engaged in the production process.
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(3b)
-it saves time
-it allow homogenous accoutn
-it used to detect missing figures
-it helps in locating errors
-it provide a check on the accuracy of balance of the
ledgers
-total debtors and creditors can be easily calculated.
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