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

Question 26:

• JAMB 2007

The gross profit disclosed in the branch stock adjustment account represents?

A. Head office profit
B. Unrealized profit
C. Estimated profit
D. Branch profit

Question 27:

• JAMB 2008

Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?

A. I and ii
B. I, ii and iii
C. I, ii, iii and iv
D. Iii and iv

Question 28:

• JAMB 2008

If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?

A. Selling price
B. Akure price
C. Company price
D. Lagos price

Question 29:

• JAMB 2009

One of the purposes of maintaining the account of a branch at the head office is to?

A. Record charges in shareholdings
B. Record charges in liabilities
C. Check the excesses of customers
D. Check and monitor the growth of individual branches

Question 30:

• JAMB 2009

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

A. Debtors and cash in transit
B. Creditors and cash in transit
C. Stock and cash in transit
D. Stock and prepayments