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

Question 36:

• JAMB 2011

Goods invoiced to a branch can be sent using?

A. Cost price, selling price and fixed percentage on selling price
B. Cost price, selling price and fixed percentage on cost price
C. Cost priceand fixed percentage on cost price
D. Cost price and fixed percentage on selling price

Question 37:

• JAMB 2012

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

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

Question 38:

• JAMB 2012

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

A. Cost price
B. Fixed percentage on cost
C. Selling price
D. Invoice price

Question 39:

• JAMB 2014

A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of

A. Imprest system only
B. Direct purchase by branch
C. Separate accountant for the branch
D. Credit sales by only the headquarters

Question 40:

• JAMB 2014

If goods are sent to 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. #125,000
C. #80,000
D. #75,000