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Reconciliation of branch and head office books - Jamb Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Past Questions

Jamb Past Questions and Answers on Reconciliation of branch and head office books

Question 1:


The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts


Question 2:


The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?

A. N6,500
B. N64,600
C. N85,380
D. N514,600


Question 3:


To account for expenses paid by head office on behalf of the branch, the branch should?

A. Debit head office account and credit cash
B. Debit profit and loss account and credit headoffice account
C. Credit cash and debit profitand loss account
D. Credit profit and loss account and debit head office account


Question 4:


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


Question 5:


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






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