What Do You Mean By Branch?

What is the difference 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 business performance..

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What are three branches?

Legislative—Makes laws (Congress, comprised of the House of Representatives and Senate) Executive—Carries out laws (president, vice president, Cabinet, most federal agencies) Judicial—Evaluates laws (Supreme Court and other courts)

What is another name for branch?

SYNONYMS FOR branch 1 offshoot, shoot. 12 ramify, subdivide.

Why General Ledger is important for the branch?

The general ledger holds account information that is needed to prepare the company’s financial statements, and transaction data is segregated by type into accounts for assets, liabilities, owners’ equity, revenues, and expenses.

What are the two types of accounting?

The two primary methods of accounting are accrual accounting (generally used by companies) and cash accounting (generally used by individuals).

What is the definition of a branch?

1 : a part of a tree that grows out from the trunk or from a main division of the trunk. 2 : something extending from a main line or body like a branch a branch of a railroad. 3 : a division or subordinate part of something a branch of government The bank opened a new branch.

What is branch account?

Branch accounting is a bookkeeping system in which separate accounts are kept for each branch or operating location of an organization. Technically, the branch account is a temporary or nominal ledger account, lasting for a designated accounting period.

What is the meaning of base branch?

The base branch is used to how many commits other branches are ahead/behind the “base branch”, and if you change the base branch the ahead/behind numbers will change.

What are the types of branch accounts?

Though there are eight branches of accounting in total, there are three main types of accounting, according to McAdam & Co. These types are tax accounting, financial accounting and management accounting. Management accounting is useful to all types of businesses and tax accounting is required by the IRS.

Why branch accounts are kept?

The branch accounts help the H.O. to decide whether a particular branch is earning profits and should be continued. An independent branch keeps all accounts on its own and can independently ascertain its income, expenses, assets and liabilities. In case of a dependent branch, its accounts are kept by the H.O.

A branch may not be a head office itself (i.e. only two levels are allowed). A branch must be an active account. All members of a group (head office and branches) must have the same currency, e.g. a foreign currency account cannot be connected to a non-foreign currency amount.

What is home office and branch?

The Account maintained in the Home office Books is called “Investment in Branch or Branch Current” while the account maintained in the Branch Books is called “Home Office or Home Office Current”.

What are the 4 types of accounting?

Though different professional accounting sources may divide accounting careers into different categories, the four types listed here reflect the accounting roles commonly available throughout the profession. These four branches include corporate, public, government, and forensic accounting.

What are the types of branch?

Branches can be classified into two types.Dependent Branches. The term dependent branch means a branch that does not maintain its own set of books. … Independent Branch. An independent branch means a branch, which maintains its own set of books.

What are the 7 branches of accounting?

Branches of Accounting:Financial Accounting.Management Accounting.Cost Accounting.Tax Accounting.Auditing.Forensic Accounting.Fiduciary Accounting.Fund Accounting.More items…•

What is meant by a dependent branch?

Dependent Branch: A branch which is dependent upon Head Office mainly for “Goods and Cash”. Books of accounts relating to such branch also will be maintained by Head Office. Features of Dependent Branch: Branch receives goods from Head Office. … Branch normally makes cash sales.

What is the opposite of branch?

Antonyms of BRANCH effluent, reduction, whole, decrease, company, source.

How do I account for branches?

BRANCH ASSETS ACCOUNT: Individual assets accounts are opened for each kind of asset. Example: branch cash account, branch debtors’ account, branch furniture account etc. BRANCH EXPENSES ACCOUNT: This account is debited with all the expenses of the branch like rent, salaries, advertisement etc.

What is basic accounting skills?

An accountant should know how to prepare financial statements and accounting reports for planning, controlling, budgeting and decision-making. The three key financial statements are balance sheet, profit & loss and cash flows account. These above three financial statements are interlinked with each other.

Which means almost the same as branch?

Synonyms for branch. fan (out), radiate, ray.