Learn entire departmental accounting with problem-solving with our Departmental Accounting Complete Course. In a business organization where there are several independent activities or where there are various departments carrying on separate functions, the management would be interested in finding out the performance of each department. This can be made possible if departmental accounts are prepared. Here, each department is considered as a separate Activity Centre. Basically, in departmental accounts, each department prepares its separate accounts to judge individual performance and to find the net profit or loss of each department. This can improve the efficiency of each and every department of the organization. Also, the availability of separate cost and profit figures of each department facilitates better control and thus effective planning can be achieved on the basis of departmental accounting information. So, this is the tool that helps management in decision-making.

In this course, we will understand the complete departmental accounting with the allocation of expenses between different departments and preparation of general profit and loss accounts for the organization as a whole, and the balance sheet showing the financial position of the company. Also, many times there is a transfer of goods between departments at cost price or at a price higher than the cost. So, here, we will also study how to account for this inter-departmental transfer and elimination of unrealized profit on unsold stock.

And lastly, we will also study the Memorandum Stock and Memorandum Markup Account method of Departmental Accounting.

What Will You Be Learning

• Meaning and importance of Departmental Accounts
• Format of Departmental Accounts
• Basis of Allocation of Expenses between departments
• Preparation of General Profit and Loss Account
• Accounting of Inter-Departmental transfer of goods at cost price or invoice price
• Calculation of stock reserve
• Memorandum Stock and Memorandum Markup Account method
• 8 comprehensive problem-solving sessions

Who Can Apply?

• Students
• Professionals studying financial accounting Anyone who wants to have in-depth knowledge on Departmental Accounting

This accounting course consists of simple and logical explanatory videos on all the topics of the Department along with various problems solving sessions that cover all the different varieties of concepts and adjustments.

Benefits Of Taking This Course

Explanatory videos ensure complete concept understanding. Problem-solving sessions help in applying your knowledge to solve various problems. MCQs help to revise and test the knowledge.

On completion of this course, your knowledge of Departmental Accounts will be stronger. This course consists of a total of 11 sessions which will make Departmental Accounting very easy and interesting with a deeper knowledge of the entire topic. In short, it is an interesting and complete course on Departmental Accounts fulfilling all the needs.