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

Question 16:

• JAMB 2003

Gross profit in the branch adjustment account is transferred to the branch?

A. Trading account
B. Receipts and payments account
C. Profit and loss account
D. Income and expenditure account

Question 17:

• JAMB 2004

Discounts granted branch customers are treated as a debit to branch?

A. Stock account and a credit to branch debtors'account
B. Discount account and a credit to branch bank account
C. Stock account and a credit to branch bank account
D. Discount account and a credit to branch debtors' account

Question 18:

• JAMB 2004

Transfers from the head office to branches are best carried out at?

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

Question 19:

• JAMB 2005

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

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

Question 20:

• JAMB 2005

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

A. Debtors' account
B. Trading account
C. Expenses account
D. Cash account