The correct entries to record goods transferred to branch from head office is to debit?
Branch stock account and credit goods sent to branch account
Branch supplies account and credit branch stock account
Branch stock account and credit purchases account
Goods sent to branch account and credit branch stock account
Correct answer is A
No explanation has been provided for this answer.
The cost method of charging goods to branch is used where?
Branch stock adjustment account is in use
The retention of branch trading account is in addition to the cost of goods sold
Goods are sent without invoice or any source documents
Goods are of a perishable nature on which a pre-determined price is inapplicable
Correct answer is A
No explanation has been provided for this answer.
The transactions relating to liquidation in partnership account is drawn by using?
Current account
Cash account
Capital account
Realization account
Correct answer is C
If the partnership decides to liquidate, the assets of the partnership are sold, liabilities are paid off, and any remaining cash is distributed to the partners according to their capital account balances. If a partner's capital account has a deficit balance, that partner should contribute the amount of the deficit to the partnership.
The major objective of departmental accounts is to ascertain the?
Contribution of each department to profit
Materials sold in each department
Insurance premium payable on employees
Number of employees in each department
Correct answer is A
No explanation has been provided for this answer.
The capital of not-for-profit-making organization is referred to as?
Entity fund
Capital owned
Accumulated fund
Capital employed
Correct answer is C
No explanation has been provided for this answer.