by Sunday | Nov 28 | Accounting JAMB
A. Selling price B. Fixed percentage on cost C. Cost price D. Invoice price Correct Answer: Option C – Cost price Explanation Goods are transferred from head office to branch at cost price, selling price and cost price plus mark...
by Sunday | Nov 28 | Accounting JAMB
A. Bonus B. Good will C. Premium D. Commission Correct Answer: Option B – Good will Explanation Goodwill is the excess of the purchase consideration over the total value of an entity
by Sunday | Nov 28 | Accounting JAMB
A. Partners salaries B. Interest on capital C. Interest on loans D. Partners drawings Correct Answer: Option C – Interest on loans Explanation is charged in the profit and loss account as finance expenses
by Sunday | Nov 28 | Accounting JAMB
A. Debit entry A. Contra entry C. Credit entry D. Reversal entry Correct Answer: Option A – Debit entry Explanation A contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account When cash is remitted from the branch...
by Sunday | Nov 28 | Accounting JAMB
A. Dependent branch B. foreign branch C. independent branch D. single branch Correct Answer: Option D – single branch