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

Question 41:

• JAMB 2014

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
What is the cost price of the goods sent to the branch

A. #600,000
B. #620,000
C. #640,000
D. #700,000

Question 42:

• JAMB 2014

The profit of a branch is usually credited to the

A. Adjustment account
B. Head office sales
C. Head office goods account
D. Head office current account

Question 43:

• JAMB 2015

The following account are prepared when goods are sent to branch except

A. Branch stock
B. Goods set to branch account
C. Branch adjustment account
D. Branch debtors account

Question 44:

• 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 45:

• 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