NECO Accounting 2023 Objective — Question 28
Question 28 of 50 from the National Examinations Council (NECO) Accounting 2023 Objective paper, with the correct answer and a full explanation.
Advertisement
Memorandum branch account is prepared to determine (a) credit sales (b) gross profit (c) closing stock (d) opening stock
- A. credit sales
- B. gross profitCorrect
- C. closing stock
- D. opening stock
Explanation
The memorandum branch account is prepared by the head office to determine the profit (or loss) made by a branch.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.