Head office account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2011

The correct entries to record goods transferred to branch from head office is to debit?

A. Branch stock account and credit goods sent to branch account
B. Branch supplies account and credit branch stock account
C. Branch stock account and credit purchases account
D. Goods sent to branch account and credit branch stock account

Question 7:

• JAMB 2011

The two accounts that are normally opened in the head office when goods are transferred to a branch are?

A. Branch supplies and branch receipts
B. Branch stock account and goods sent to branch accounts
C. Goods sent to brannch account and branch receipt account
D. Goods sent to branch accounts and branch supplies

Question 8:

• JAMB 2011

Goods invoiced to a branch can be sent using?

A. Cost price, selling price and fixed percentage on selling price
B. Cost price, selling price and fixed percentage on cost price
C. Cost priceand fixed percentage on cost price
D. Cost price and fixed percentage on selling price

Question 9:

• JAMB 2012

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

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

Question 10:

• JAMB 2014

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

A. Imprest system only
B. Direct purchase by branch
C. Separate accountant for the branch
D. Credit sales by only the headquarters