Branch accounts in the head office books - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 21:

• JAMB 2015

Goods stolen at the branch is debited to

A. Branch stock account
B. Defalcations account
C. Branch debtors account
D. Branch adjustment account

Question 22:

• JAMB 2016

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

A. A price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark-up

Question 23:

• JAMB 2017

The accounting entries for goods stolen in branch will be to debit

A. The accounting entries for goods stolen in branch will be to debit
B. Branch stock account and credit branch adjustment account
C. Branch adjustment account and credit profit and loss account
D. Branch adjustment account and credit branch stock account

Question 24:

• JAMB 2018

When goods are sent to branch at cost plus mark up, it means that the branch should sell at_____________

A. Price above or below the stipulated price
B. Any price but not below the transfer price
C. Cost price
D. A price that is equal to the mark up

Question 25:

• JAMB 2018

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

A. Income and expenditure account
B. Profit and loss account
C. Receipt and payment account
D. Trading account