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

Question 26:

• JAMB 2018

Which of the following is not a type of branch?

A. Dependent branch
B. Foreign branch
C. Independent branch
D. Single branch

Question 27:

• 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 28:

• JAMB 2018

Branch stock adjustment account is prepared at?

A. Cost price
B. New price
C. Invoice price
D. Normal price

Question 29:

• JAMB 2021

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A. ₦130,000
B. ₦75,000
C. ₦80,000
D. ₦125,000