Branch Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 46:

• JAMB 2017

The movement of goods from head office to a branch is treated in the head office as

A. Sales
B. Issue
C. Purchases
D. Requisition

Question 47:

• JAMB 2017

The following are the importance of branch account except

A. It enable the organization to determine the branch that is making either profit or loss
B. It allows proper control over the branch by the head office
C. It assist the organization to determine the performance of a branch manager
D. It allows fraud and wastage of resources

Question 48:

• JAMB 2017

The accounting entries for goods stolen in branch will be to debit

A. The accounting entries for goods stolen in branch will be to debit
B. Branch stock account and credit branch adjustment account
C. Branch adjustment account and credit profit and loss account
D. Branch adjustment account and credit branch stock account

Question 49:

• JAMB 2018

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

A. Price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark up

Question 50:

• JAMB 2018

In the head office ledger, the value of goods sent to the branch are____________

A. Debited to the branch current account
B. Debited to the head office current account
C. Credited to the head office current account
D. Credited to the branch current account