Reconciliation of branch and head office books - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• 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 7:

• 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