Departmental and Branch Accounts
Rent is apportioned to each department on the basis of
area or space occupied
Mark-up on goods sent to branch are recorded in the books by crediting
Stock Adjustment Account; debiting Branch Stock Account
Goods sent to Branch Account; debiting Branch Stock Account
Bank Stock Account; debiting Stock Adjustment
Branch Stock Account; credit Cash Account
How much commission was apportioned to Department A?
Rent apportioned to Department B is
Where the head office maintains all books of accounts, goods sent to branch is credited to
Goods sent to Branch Account
Branch Stock Account
Branch Stock Adjustment Account
Head Office Current Account
Which of the following is not a purpose for preparing departmental accounts? To
compare the results of different departments
employ staff into different departments
reward departmental managers
obtain information for formulating policies
Where goods are invoiced by a firm to its branch at cost-plus, the branch stock adjustment account is used to determine
Which of the following is apportioned in proportion to the purchases of each department?
The total basic salary for the year was
The total transport allowance was
The total housing allowance was
The responsibility allowance of grade levels 14 and 15 was
Use the following information to answer 10
Rent for 2003 amounted
Use the following information to answer question 11
|Balance as per bank statement||206,865|
|Balance as per cash book||144,495|
Uncredited cheques amount to
A business operates on a mark-up of 25%. If cost of goods sold is ₦800,000. What is the profit?
Rent paid as at 1st January, 2002 was ₦10,000. Annual rent payable is ₦80,000 and rent accrued as at 31st December, 2002 was ₦15,000. How much was paid for rent in 2002.
The procedure for utilising the savings from one sub-head of expenditure to pay for another under the same head is
The transfer of goods between departments is recorded by debiting
the receiving department and crediting the giving department
the giving department and crediting the receiving department
Stock Account and and crediting Trading Account
Trading Account and crediting Purchases Account
Which of the following is the basis for apportioning rent among departments?
Number of employee
Direct labour cost
The head office usually issues goods to branches at
net realisable value
The entries necessary for recording profit loading on goods sent to branch are
debit Branch Stock Account, credit Branch stock Adjustment
credit Branch Stock Adjustment Account, debit goods sent to Branch Account
debit goods sent to Branch Account, credit Branch Stock Account
debit Branch Stock Adjustment Account, credit Branch Stock Account
Profit expressed as a fraction of the selling price is known
How much did Olu sell goods bought at ₦1,000 if he sells at a margin of 20% on selling?
Profit expressed as a proportion of cost price is
Yinka bought goods worth ₦800 and sold at a margin of 20% on selling price. How much did she sell the goods?
The mark-up is
The double entry required for the mark-up is debit Branch
Sales Account, Credit Branch Adjustment Account
Adjustment Account, credit Branch Stock Account
Stock Account, credit Branch Adjustment Account
Adjustment Account, credit Branch Profit and Loss Account
Profit and Loss Account, Credit Branch Stock Account
The net profit of the footwears department is
The profit of the Stationery Department is
The cost of goods for the Stationery department is
The cost of goods for the Footwears Department is
Which of the following serves the same purpose as a Trading Account?
Branch Adjustment Account
Goods sent to Branch Account
Branch Stock Account
Branch Debtors Account
Branch Returns Account
Profit expressed as proportion of cost price is known as
Bosun bought goods worth ₦500 and sold it at a margin of 20 % selling price. For how much did he sell the goods?
Mark-up on goods sent to branch offices are recorded in the books by crediting
Stock Adjustment Account debitting Branch Stock Account
Goods sent to Branch Account and debitting Branch Stock Account
Branch Stock Account and debitting Stock Adjustment
Cash account and crediting Branch Stock Account
Branch Stock Account and crediting defalcations Account
Cash stolen from branch takings, iss recorded in the Head Office books by debiting
defalcations account and crediting Branch Stock Account
mark-up Account and crediting defalcations account
defalcations account and crediting Profit and Loss Account
Cash Account and creditng Branch stock Account
Branch account and crediting Branch defalcations Account
Use the following information to answer question 49
|Rent paid 31/12/89||₦4,000|
|Rent owing 1/1/89||₦500|
|Rent owing 31/12/89||₦300|
The Rent for 1989 amount to
How much rent apportioned to department A?
How much rent is apportioned to department C?
How much rent is apportioned to department B?
How much of selling and distribution expenses is apportioned to department B?
A business marked up its cost by 50%. This would mean a gross profit of
33 1/3 % on the cost price
50 % on the selling price
66 2/3 % on the selling
66 2/3 % on the market price
33 1/3 % on the selling price.