Can profit centers be assigned to any general ledger account?

account Centers ledger profit

Yes. It’s common to track the profit of divisions through income, cost, and expense accounts. But the division’s assets, liabilities and equity can also be set up in the profit center. For example. if the division is large and separate from the main company, if asset purchases are budgeted, or the receivables and payables are separate, a balance sheet for the profit center may be necessary.

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