Reconciliation of branch and head office books - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1995

The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?

A. N6,500
B. N64,600
C. N85,380
D. N514,600

Question 3:

• JAMB 2001

To account for expenses paid by head office on behalf of the branch, the branch should?

A. Debit head office account and credit cash
B. Debit profit and loss account and credit headoffice account
C. Credit cash and debit profitand loss account
D. Credit profit and loss account and debit head office account

Question 4:

• JAMB 2009

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

A. Debtors and cash in transit
B. Creditors and cash in transit
C. Stock and cash in transit
D. Stock and prepayments

Question 5:

• JAMB 2015

The following account are prepared when goods are sent to branch except

A. Branch stock
B. Goods set to branch account
C. Branch adjustment account
D. Branch debtors account