Jamb Accounts - Principles of Accounts Questions
Question 31:
The major objective of departmental accounts is to ascertain the?
- A Contribution of each department to profit
- B Materials sold in each department
- C Insurance premium payable on employees
- D Number of employees in each department
Question 32:
The transactions relating to liquidation in partnership account is drawn by using?
- A Current account
- B Cash account
- C Capital account
- D Realization account
Question 33:
The cost method of charging goods to branch is used where?
- A Branch stock adjustment account is in use
- B The retention of branch trading account is in addition to the cost of goods sold
- C Goods are sent without invoice or any source documents
- D Goods are of a perishable nature on which a pre-determined price is inapplicable
Question 34:
The correct entries to record goods transferred to branch from head office is to debit?
- A Branch stock account and credit goods sent to branch account
- B Branch supplies account and credit branch stock account
- C Branch stock account and credit purchases account
- D Goods sent to branch account and credit branch stock account
Question 35:
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
- A Branch supplies and branch receipts
- B Branch stock account and goods sent to branch accounts
- C Goods sent to brannch account and branch receipt account
- D Goods sent to branch accounts and branch supplies