Jamb Accounts - Principles of Accounts Questions
Question 821:
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 822:
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 823:
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
Question 824:
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 825:
The major point of agreement carried by the partnership deed is?
- A 5% interest annum on any loan
- B An oral agreement among the partners
- C Method of inhertance by the partners' children
- D The profit and loss sharing ratio of the partners