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

Question 11:

• JAMB 2014

The profit of a branch is usually credited to the

A. Adjustment account
B. Head office sales
C. Head office goods account
D. Head office current account

Question 12:

• JAMB 2017

The movement of goods from head office to a branch is treated in the head office as

A. Sales
B. Issue
C. Purchases
D. Requisition

Question 13:

• JAMB 2018

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

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

Question 14:

• 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 15:

• 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