Correct Answer - Option 3 : An independent branch
A branch that keeps a complete record of all accounting transactions is called an independent branch.
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Independent Branch - As the size of the branches grows larger, their functions get more complex. In such a case, each branch should build its own double-entry bookkeeping system separate from the main office's. This branch accounting system treats the branches as separate, self-contained entities.
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Foreign Branch - A foreign branch office is a company's representative in another country that is capable of conducting business independently. Depending on the country's legislation, the branch office can or should be a limited corporation, with the parent company's shares held abroad.
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Local Branch - A local branch is a company's office in any other place in the same country other than its head office.
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Dependent Branch - A branch that is mostly reliant on Head Office for "Goods and Cash." Head Office will also keep track of the books of accounts for such a branch.
Conclusion: An independent branch keeps competitive records of all its transaction.
