JAMB Accounting 2022 Objective — Question 16
Question 16 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.
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The similarity between the head office current account and the branch current account is that
- A. The head office current account has a debit balance while the branch current account has a credit balance
- B. The head office current account has a credit balance while the branch current account has a debit balanceCorrect
- C. Both always have credit balances
- D. Both always have debit balances
Explanation
At the head office, the branch is more or less like a debtor, so the head office account has a credit balance while the branch's current account (recording the head office) has a debit balance.
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