An appropriation account pertains to both governmental budgeting and corporate financial statements. It is instrumental in showing how government departments allocate and manage their funds over a financial year, as well as illustrating how profits are distributed in a partnership or a corporation.
Partnership accounts refer to the detailed accounting records maintained by a partnership, encompassing various essential documents such as the appropriation account, capital account, and current account. These accounts aid in the equitable distribution of profits and manage the financial dealings among partners in accordance with the partnership agreement.
