Head Office Account - Accountsprinciplesofaccounts Jamb Past Questions and Answers

Question 1 :

• JAMB 1994

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 :

• JAMB 2004

Transfers from the head office to branches are best carried out at?

A. Cost price
B. Selling price
C. Cost plus mark-up
D. Market price

Question 3 :

• JAMB 2005

The movement of goods from head office to a branch is treated in the in the head office accounts as?

A. Sales
B. Issue
C. Purchase
D. Requisition

Question 4 :

• JAMB 2010

The branch expenses paid by the head office is recorded in the books by debiting branch?

A. Bad debt account and crediting branch debtor's account
B. Expenses account and crediting bank account
C. Profit and loss account and crediting branch stock account
D. Discount allowed account and crediting branch debtors' account

Question 5 :

• JAMB 2010

Goods returned to branch by customers is recorded in the head office books be debiting?

A. Bank account and crediting branch stock account
B. Goods sent to branch account and crediting branch debtors''account
C. Branch stock account and crediting branch debtors account
D. Branch debtors' and credting cash acount