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Branch and Departmental Accounts Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM FINANCIAL ACCOUNT INTERVIEW QUESTIONS BRANCH AND DEPARTMENTAL ACCOUNTS INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Branch and Departmental Accounts Interview Questions & Answers - Learning Mode

Departmental accounting and branch accounting give businesses different levels of control over their finances. Departmental accounting is centralized and common in corporations and other types of non-banking businesses. Branch accounting is more common in banking and other industries where business is conducted in more than one location. Both essentially perform the same types of accounting functions.

Try Branch and Departmental Accounts Interview Questions & Answers - Exam Mode

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Branch and Departmental Accounts Interview Questions & Answers - Learning Mode
Try Branch and Departmental Accounts Interview Questions & Answers - Exam Mode
Question: What is departmental accounting?

Answer: Departmental accounting is where departments within an entity have varying degrees of autonomy, but are not usually separated geographically from the rest of the business. They may be concerned with manufacturing; or in the case of a department store, with retailing.
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Question: What is the responsibility of a branch manager?

Answer: The branch manager is responsible for the administration and efficient daily operation of a full service branch office including operations,lending,product sales,customer service and security and safety in accordance with the bank objectives.

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Question: Who is a branch manager?

Answer: A branch manager is an executive who is in charge of the branch office of a bank or financial institution.
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Question: Name and explain the two types of Inland Branch.

Answer: The two types of inland branch are:
a) Dependent Branch: Dependent branches are those which do not maintain separate books of accounts and wholly depend on Head Office.
b) Independent Branch: Independent branches are those which maintain complete system of accounting. This particularly happens when their sizes are very large due to various functional complexities.In short, they prepare their accounts independently.
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Question: What is a foreign branch?

Answer: These branches are located outside the country. They are operated in the foreign country which has a different currency and as such, question of rate of exchange will arise. Source: CoolInterview.com
Question: What are the features of dependent branch?

Answer: a) Goods are received from the head office. However, the outside purchases by branch are not allowed.
b) All expenses of regular nature directly paid by head office through cheques.
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Question: What are the types of branch?

Answer: Branches may be classified as:
a) Inland Branch:- 1) Dependent Branch
2) Independent Branch
b) Foreign Branch Source: CoolInterview.com
Question: Explain Inland Branch.

Answer: These branches are situated within the territory of the country. These branches do not maintain accounts under Double Entry System. These branches are operated and controlled by Head Office. Inland Branch is also known as domestic or home branch.
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Question: What is the primary objective of branch accounting?

Answer: The primary objective of branch accounting are better accountability and control, since profitability and efficiency can be closely tracked at the branch level.
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Question: What is meant by invoice price?

Answer: The actual price paid to the manufacturer or distributor by the end- customer retailer; is known as the invoice price.
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Question: What is department?

Answer: Specialized functional area within an organization or a division such as accounting,marketing, planning. Generally every department has its own manager and chain of command. Source: CoolInterview.com
Question: What is branch accounting?

Answer: Branch accounting is an accounting system in which separate accounts are maintained for each branch of a corporate entity or organization.
Source: CoolInterview.com

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