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JAMB Accounts (Principles of Accounts) questions: Branch and departmental accounts

13 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 1· Branch and departmental accounts· JAMB

    In departmental accounts, the wages of staff who work in only one department are charged to

    Explanation and discussion

  2. Question 2· Branch and departmental accounts· JAMB

    Transfers of goods between departments are recorded in order to

    Explanation and discussion

  3. Question 3· Branch and departmental accounts· JAMB

    Goods sent by head office to a branch but not yet received at the year end are

    Explanation and discussion

  4. Question 4· Branch and departmental accounts· JAMB

    The branch stock adjustment account records

    Explanation and discussion

  5. Question 5· Branch and departmental accounts· JAMB

    In branch accounts, goods sent to branch are recorded at cost price or

    Explanation and discussion

  6. Question 6· Branch and departmental accounts· JAMB

    Lighting costs shared among departments are best apportioned by

    Explanation and discussion

  7. Question 7· Branch and departmental accounts· JAMB

    Under the branch stock system, goods sent by head office to a branch are credited to the

    Explanation and discussion

  8. Question 8· Branch and departmental accounts· JAMB

    Rent of a departmental store is usually shared among departments on the basis of

    Explanation and discussion

  9. Question 9· Branch and departmental accounts· JAMB

    A branch that keeps its own full set of books is

    Explanation and discussion

  10. Question 10· Branch and departmental accounts· JAMB

    Expenses that cannot be traced to particular departments are

    Explanation and discussion

  11. Question 11· Branch and departmental accounts· JAMB

    Goods are sent to a branch at cost plus 25%. Goods invoiced at ₦250,000 cost head office

    Explanation and discussion

  12. Question 12· Branch and departmental accounts· JAMB

    Advertising expenses are commonly shared among departments in proportion to

    Explanation and discussion

  13. Question 13· Branch and departmental accounts· JAMB

    When goods are sent to a branch at selling price, the mark-up is held in the

    Explanation and discussion

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