Setup of an organization in terms of departments and agencies; distribution and delegation of functional responsibilities throughout an organization. Reacting to a complex environment of business, the modern organization has become very complex, usually having many departments with a wide array of responsibilities.
A section or area of an organization to which revenue can be traced, together with the appropriate costs, so that profits can be ascribed to that area. Profit centres may be divisions, subsidiaries, or departments.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.