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Accounts - Principles of Accounts 2011 JAMB Past Questions

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31

The transactions relating to liquidation in partnership account is drawn by using?

  • A. current account
  • B. cash account
  • C. capital account
  • D. realization account
View Answer & Discuss (2) JAMB 2011
32
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
View Answer & Discuss JAMB 2011
33
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
View Answer & Discuss JAMB 2011
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34
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
View Answer & Discuss JAMB 2011
35
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
View Answer & Discuss JAMB 2011
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