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

Question 61:

• JAMB 2018

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

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

Question 62:

• JAMB 2018

Tanko Ltd had

Earnings per share 47k

Dividends per share 30k

Per value of each share N1.20

market price per share NM1.50

The company's earnings yield is?

A. N20.00%
B. N25.00%
C. N31.33%
D. N39.17%

Question 63:

• JAMB 2019

Goods can be charged to branches using any of these pricing methods except

A. Cost price
B. Cost plus percentage
C. Selling price
D. Selling plus percentage

Question 64:

• JAMB 2019

Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?

A. 20,580
B. 10,290
C. 7980
D. 30,870

Question 65:

• JAMB 2019

One of the objective of maintaining the account of a branch at the head office is to

A. To access the performance of the branches
B. Check the excesses of customers
C. Record charges in shareholdings
D. Record charges in liabilities