Explain the concept of departmentalized accounting and the importance of collaboration between departments within an organization, to its success. You may use organizational examples. (200-350 words)
Definition:
A departmental accounting system is an accounting information system that record the activities and financial information about the departments. Manager can use the financial information from departmental accounting system to tell how profitable and efficient each department is.
Departmental Accounting refers maintaining accounts for one or more branches or departments of the company. Revenue and Expenses of the department are recorded and reported separately. Departmental accounts are consolidated into accounts of the head office to prepare financial statements of the company.
Importance of collaboration between departments with in organisation:
Example:
For instance, Microsoft has windows department, Xbox department and Microsoft office department.
each one of these department has its own accounting system to keep track of revenue and expense these accounting system provide useful efficiency ratios for management. Manager can use these ratio can evaluate departments and consider merging departments or getting rid of some department altogether.
Manager can tend look at whether the department is cost center or profit center.
Explain the concept of departmentalized accounting and the importance of collaboration between departments within an organization,...
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