The two accounts that are normally opened in the head office when goods are transferred to a branch are?

Assessment: JAMB UTME - Principles of Accounts - 2011 Subject: Financial Accounting

Question 1 Report

The two accounts that are normally opened in the head office when goods are transferred to a branch are?
Answer Details
When goods are transferred from the head office to a branch, two accounts are opened in the head office. The first account is the Goods Sent to Branch Account which records the cost of the goods transferred. The second account is the Branch Stock Account which records the value of the goods remaining in the branch at any given time. Therefore, the correct answer is "Goods sent to branch account and branch stock account."

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning