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WAEC questions for "Financial Accounting :: Departmental and Branch Accounts"
Q1

Rent is apportioned to each department on the basis of

A

area or space occupied

B

equality

C

turnover

D

purchases

E
Q2

Mark-up on goods sent to branch are recorded in the books by crediting

A

Stock Adjustment Account; debiting Branch Stock Account

B

Goods sent to Branch Account; debiting Branch Stock Account

C

Bank Stock Account; debiting Stock Adjustment

D

Branch Stock Account; credit Cash Account

E
Q3

How much commission was apportioned to Department A?

A

₦9,600

B

₦3,600

C

₦2,000

D

₦1,600

E
Q4

Rent apportioned to Department B is

A

₦4,000

B

₦3,600

C

₦2,000

D

₦1,600

E
Q5

Where the head office maintains all books of accounts, goods sent to branch is credited to

A

Goods sent to Branch Account

B

Branch Stock Account

C

Branch Stock Adjustment Account

D

Head Office Current Account

E
Q6

Which of the following is not a purpose for preparing departmental accounts? To

A

compare the results of different departments

B

employ staff into different departments

C

reward departmental managers

D

obtain information for formulating policies

E
Q7

Where goods are invoiced by a firm to its branch at cost-plus, the branch stock adjustment account is used to determine

A

cost price

B

branch profit

C

selling price

D
E
Q8

Which of the following is apportioned in proportion to the purchases of each department?

A

Discounts received

B

Selling commission

C

Bad debts

D

Carriage outwards

E
Q9

The total basic salary for the year was

A

₦3,173,032

B

₦3,048,000

C

₦1,084,730

 

 

 

D

₦855,000

E
Q10

The total transport allowance was

A

₦384,000

B

₦379,200

C

₦211,200

D

₦168,000

E
Q11

The total housing allowance was

A

₦1,608,000

B

₦840,000

C

₦768,000

D

₦168,000

E
Q12

The responsibility allowance of grade levels 14 and 15 was

A

₦210,000

B

₦90,000

C

₦60,000

D

₦30,000

E
Q13

Use the following information to answer 10

   
Rent prepaid 1/01/2003 600.00
Rent paid 31/12/2003 3,000.00
Rent prepaid 31/12/2003 400.00

 Rent for 2003 amounted

A

₦4,000

B

₦3,200

C

₦3,000

D

₦2,800

E
Q14

Use the following information to answer question 11

 
Unpresented cheques 85,305
Balance as per bank statement 206,865
Balance as per cash book 144,495

 Uncredited cheques amount to

A

₦229,800

B

₦121,560

C

₦85,305

D

₦22,935

E
Q15

A business operates on a mark-up of 25%. If cost of goods sold is ₦800,000. What is the profit?

A

₦360,000

B

₦200,000

C

₦160,000

D

₦40,000

E
Q16

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.

A

₦80,000

B

₦75,000

C

₦55,000

D

₦35,000

E
Q17

The procedure for utilising the savings from one sub-head of expenditure to pay for another under the same head is

A

apportionment

B

virement

C

appropriation

D

allocation

E
Q18

The transfer of goods between departments is recorded by debiting

A

the receiving department and crediting the giving department

B

the giving department and crediting the receiving department

C

Stock Account and and crediting Trading Account

D

Trading Account and crediting Purchases Account

E
Q19

Which of the following is the basis for apportioning rent among departments?

A

Sales

B

Floor area

C

Number of employee

D

Direct labour cost

E
Q20

The head office usually issues goods to branches at

A

prime cost

B

production cost

C

net realisable value

D

cost price

E
Q21

The entries necessary for recording profit loading on goods sent to branch are

A

debit Branch Stock Account, credit Branch stock Adjustment

B

credit Branch Stock Adjustment Account, debit goods sent to Branch Account

C

debit goods sent to Branch Account, credit Branch Stock Account

D

debit Branch Stock Adjustment Account, credit Branch Stock Account

E
Q22

Profit expressed as a fraction of the selling price is known

A

mark-up

B

margin

C

gross profit

D

net profit

E
Q23

How much did Olu sell goods bought at ₦1,000 if he sells at a margin of 20% on selling?

A

₦1,250

B

₦1,200

C

₦1,000

D

₦250

E
Q24

Profit expressed as a proportion of cost price is

A

gross profit

B

mark-up

C

margin

D

profit percentage

E
Q25

Yinka bought goods worth ₦800 and sold at a margin of 20% on selling price. How much did she sell the goods?

A

₦1,000

B

₦960

C

₦933

D

₦820

E
Q26

The mark-up is

A

₦15,000

B

₦9,000

C

₦4,000

D

₦3,000

E

₦2,400

Q27

The double entry required for the mark-up is debit Branch

A

Sales Account, Credit Branch Adjustment Account

B

Adjustment Account, credit Branch Stock Account

C

Stock Account, credit Branch Adjustment Account

D

Adjustment Account, credit Branch Profit and Loss Account

E

Profit and Loss Account, Credit Branch Stock Account

Q28

The net profit of the footwears department is

A

₦1,880

B

₦1,600

C

₦880

D

₦520

E

₦280

Q29

The profit of the Stationery Department  is

A

₦1,880

B

₦1,600

C

₦880

D

₦520

E

₦280

Q30

The cost of goods for the Stationery department is

A

₦4,120

B

₦153,400

C

₦3,000

D

₦2,800

E

₦2,400

Q31

The cost of goods for the Footwears Department is

A

₦4,120

B

₦3,400

C

₦3,000

D

₦2,800

E

₦2,400

Q32

Which of the following serves the same purpose as a Trading Account?

A

Branch Adjustment Account

B

Goods sent to Branch Account

C

Branch Stock Account

D

Branch Debtors Account

E

Branch Returns Account

Q33

Profit expressed as proportion of cost price is known as

A

gross profit

B

profit mark-up

C

profit margin

D

profit percentage

E

profit ratio

Q34

Bosun bought goods worth ₦500 and sold it at a margin of 20 % selling price. For how much did he sell the goods?

A

₦100

B

₦125

C

₦500

D

₦600

E

₦625

Q35

Mark-up on goods sent to branch offices are recorded in the books by crediting

A

Stock Adjustment Account debitting Branch Stock Account

B

Goods sent  to Branch Account and debitting Branch Stock Account

C

Branch Stock Account and debitting Stock Adjustment

D

Cash account and crediting Branch Stock Account

E

Branch Stock Account and crediting defalcations Account

Q36

Cash stolen from branch takings, iss recorded in the Head Office books by debiting

A

defalcations account and crediting Branch Stock Account

B

mark-up Account and crediting defalcations account

C

defalcations account and crediting Profit and Loss Account

D

Cash Account and creditng Branch stock Account

E

Branch account and crediting Branch defalcations Account

Q37

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

A

₦4,500

B

₦4,300

C

₦4,000

D

₦3,800

E

₦3,500

Q38

How much rent apportioned to department A?

A

₦2,000

B

₦1,800

C

₦1,200

D

₦1,000

E

₦800

Q39

How much rent is apportioned to department C?

A

₦2,000

B

₦1,800

C

₦1,200

D

₦1,000

E

₦800

Q40

How much rent is apportioned to department B?

A

₦1,000

B

₦800

C

₦720

D

₦600

E

₦400

Q41

How much of selling and distribution expenses is apportioned to department B?

A

₦1,800

B

₦800

C

₦720

D

₦600

E

₦400

Q42

A business marked up its cost by 50%. This would mean a gross profit of

A

33 1/3 % on the cost price

B

50 % on the selling price

C

66 2/3 % on the selling

D

66 2/3 % on the market price

E

33 1/3 % on the selling price.