In Departmental Accounting,it Is Necessary to Break Down Revenue,but Not

question 70

True/False

In departmental accounting,it is necessary to break down revenue,but not expenses by departments.

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Definitions:

Circular-Flow Diagram

A visual model of the economy showing the interactions between households and businesses through the markets for products and resources.

Firms

Business organizations that use resources to produce goods or services for profit.

Goods and Services

Refers to tangible products and intangible activities that fulfill the needs or wants of consumers.

Factors of Production

Resources used in the production of goods and services, including labor, capital, land, and entrepreneurship.