JAMB Accounting 2023 Objective — Question 30

Question 30 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2023 Objective paper, with the correct answer and a full explanation.

To identify the profit of branch, which of the following accounts is useful? A.

A. Branch stock account
B. branch debtors account
C. branch profit and loss accountCorrect
D. branch adjustment account

Explanation

The branch profit and loss account is the account used to identify the profit of the branch. (Use the following information to answer question 31-32: Departments A,B,C: Sales #8,000, #12,000, #30,000; Purchases #6,000, #7,000, #15,000; Space occupied 6msq, 4msq, 10msq. Lighting cost for the whole company is #2,000. #5,000 was paid for salesman as commission on sales for all the departments.)

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