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

Question 51:

• JAMB 2018

Gross profit in the branch adjustment account is transferred to the branch____________

A. Income and expenditure account
B. Profit and loss account
C. Receipt and payment account
D. Trading account

Question 52:

• JAMB 2018

Which of the following is not a type of branch?

A. Dependent branch
B. Foreign branch
C. Independent branch
D. Single branch

Question 53:

• JAMB 2018

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

A. Debit entry
B. Contra entry
C. Credit entry
D. Reversal entry

Question 54:

• JAMB 2018

	N
Stock at branch 1st January at cost	400
Goods sent to branch at cost	8000
Returns to head office	340
Cash sales	9160
Stock at branch 31st December at cost	720

Use the information below to answer the question.
Adex Ltd. Issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

A. #1870
B. #1530
C. #1640
D. #1820

Question 55:

• JAMB 2018

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A. Selling price
B. Fixed percentage on cost
C. Cost price
D. Invoice price