Q. The method of Branch Accounting varies with the nature and the status of branch.
✅ Correct Answer: (A)
true
Advance Accounting MCQs and Notes
Q. Actual petty expenses paid by branch from petty cash are to br shown separately in Branch Account.
✅ Correct Answer: (A)
true
Q. The independent branches are autonomous as they are allowed to make their own purchases from open markers and pay for their expenses.
✅ Correct Answer: (A)
true
Q. The branches which are totally dependent on head office are also termed as Agency Branches.
✅ Correct Answer: (A)
True
Q. To fulfill the audit requirements under section of the company act 1956
✅ Correct Answer: (B)
228
Q. Foreign Branch almost invariably trade independently and records their transaction in
✅ Correct Answer: (C)
Foreign currency
Q. All items of stock in Trading and Profit and loss Account are to be converted into cost price if these are given at an _
✅ Correct Answer: (D)
Invoice price
Q. A……………..system of departmental account is more convenient where the number of department are very small
✅ Correct Answer: (A)
Mutual.
Q. A ………………is generally a physical part of the business established under the same roof.
✅ Correct Answer: (C)
Department
Q. The removal of loading from the items of branch stock is adjusted through branch……………..Account
✅ Correct Answer: (A)
adjustment