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WEEK FIVE (4)
TOPIC: Branch Account
CONTENTS:
SUB-TOPIC: DEFINITION OF BRANCH ACCOUNT
Branch accounting records the trading transactions of different branches of the same business, whether such branches are situated in the same town or at other towns enables control to be exercised by management over the affairs of the branch.
In other words, branch account is defined as a small part of the business operating with some degree of independence. The company may have the head office in Abuja with branches in different parts of the country. E.g. Kano and Ibadan
DESCRIPTION OF BRANCH ACCOUNT:
TYPES OF BRANCHES: LOCAL AND FOREIGN:
For accounting purposes, branches may be divided into three (3) namely:
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