accounting branch and partnership accounts

Expenses which cannot be apportioned to department must be shown in the _____.

• A. balance sheet.

• B. trading account.

• C. P & L account.

• D. P & L Appropriation account.

1. When goods are transferred from one department to other department, they are called

• A. inter-departmental transfers.

• B. outer-departmental transfers.

• C. not a transfer.

• D. regular transfer.

1. In departmental accounts expenses like director fees, interest is transferred to ______.

• A. balance sheet.

• B. trading account.

• C. general P & L account .

• D. P & L Appropriation account.

1. The departmental accounting enables a business firm to maximize _________.

• A. profit.

• B. losses.

• c. cash

• D. assets .

Dependent branch make _______.

• A. only cash sales.

• B. only credit sales.

• C. cash and credit sales.

• D. installment sales.

1. Under stock and debtors system the head office opens _________.

• A. branch adjustment account.

• B. branch debtors account.

• C. branch creditors account .

• D. branch cash account.

1. Under branch accounts debtors system, opening balance of assets are recorded in ____.

• A. credit side.

• B. debit side.

• C. first credit and debit side.

• D. first debit and credit side

1. The difference between goods sent by head office and received by the branch is known as

___________.

• A. goods in transit.

• B. goods in godown.

• C. goods in production.

• D. goods in warehouse.

Under stock and debtors system of branch account, branch adjustment account is opened when goods

sent to branch is at ________.

• A. cost price.

• B. invoice price.

• C. market price.

• D. normal price.

Under stock and debtors system of branch account, the account prepared to record all the transactions

relating to branch debtors is recorded in ________.

• A. branch expenses account.

• B. branch adjustment account.

• C. branch debtors account.

• .

  D. branch creditors account.