MEANING OF DEPARTMENTAL ACCOUNTSUsually, in large organizations, the operations are divided into separate departments. This is because such organizations have a large volume of transactions coupled with a wide range of lines of product and as such finds it convenient for accounting purpose to separate or divide their operations into different departments. This affords the organization easy operations and accountability.

Manufacturing can simply be described as the transformation of raw materials into finished goods e.g. manufacturing companies like Nestle, Cadbury, PZ etc. These manufacturing firms do manufacture their goods or product before they are sold to their customer. They do not buy to sell but produce what they sell.

Capital Expenditure: Capital expenditures are payments made on items of a capital nature. They are expenses which add to the value of fixed assets. Capital expenditure therefore can simply be described as the expenditure that consists of the cost of fixed assets and other associated costs.E.g: (a) Cost of purchase (b) Cost of delivery

MEANING AND DEFINITION OF DISPOSAL OF FIXED ASSETS.Fixed assets can be sold in the course of the business due to one reason or the other. The sale of fixed assets is recorded in an account called Assets Disposal Account and it is meant to show the profit or loss made on the sales of such a fixed asset. The accounting procedures for the sale of fixed assets are shown below.

Accounting concepts and conventions are a set of rules or principles that are taken into consideration in the preparation of financial statements. The financial statements include Trading, profit and loss account as well as the balance sheet. For uniformity of purpose, generally accepted rules or principles in the form of assumption for its preparation and presentation are adopted, and these are called accounting concepts and conventions.

(i). Margin and Mark Up The ability to calculate margin and markup may be necessary to solve some incomplete record problems.