Question - Assess the nature and purpose of departmental accounting
Someday, you may work for a company that has several different lines of business. You may be called upon to perform financial analyses for one line of business, as opposed to the company as a whole. In this discussion, you will assess the usefulness of department accounting.
Please respond to all of the following prompts in the class discussion section of your online course:
• In your opinion, for what purposes are departmental reports useful to management?
• Of these purposes, which do you think is the most critical to the financial health of the organization? Explain.
• Perform a search online and locate a company that has multiple product lines and/or service lines. Report your findings to the class and describe how you think the CFO of that company might direct departmental reports be organized and prepared.