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Memoradum branch account is prepared to determine

Accounts - Principles of Accounts
WAEC 2023

Memoradum branch account is prepared to determine

  • A. gross profit
  • B. credit sales
  • C. closing stock
  • D. opening stock
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Correct Answer: Option A
Explanation

Memorandum branch account or double column method is prepared to determine the gross profit. They are purely memoradum entries and do not form part of the double entries.

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Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts