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

Question 56:

• 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 57:

• JAMB 2018

Branch stock adjustment account is prepared at?

A. Cost price
B. New price
C. Invoice price
D. Normal price

Question 58:

• 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.
Calculate the cost of goods credited to the head office trading account


A. #7200
B. #7460
C. #7500
D. #7660

Question 59:

• JAMB 2018

Transfers from the head office to branches are best carried out at__________

A. Cost price
B. Cost plus mark up
C. Selling price
D. Market price

Question 60:

• JAMB 2018

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

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