Q. Branch Trading & Profit & Loss A/c is prepared to incorporate all _____
✅ Correct Answer: (A)
revenue items
Financial Accounting 2 MCQs and Notes
Q. All branch expenses such as rent, salary are paid by H.O in case of:
✅ Correct Answer: (C)
dependent branch
Q. Dependent branch makes:
✅ Correct Answer: (C)
cash & credit sales
Q. The Branch Account prepared under Final Account System is the nature of:
✅ Correct Answer: (A)
nominal account
Q. Under Final A/c system, the profit or loss made by the branch is determined by preparing
✅ Correct Answer: (D)
branch trading & profit &loss a/c
Q. In final account system, Branch Trading and Profit & Loss A/c is prepared at ________
✅ Correct Answer: (C)
cost & invoice price
Q. Branch Trading &Profit & Loss A/c is only a _________ account not forming part of the full accounting system.
✅ Correct Answer: (B)
memorandum
Q. Under debtors system depreciation on fixed asset is ________
✅ Correct Answer: (C)
not shown in branch a/c
Q. Under debtors system which account is prepared by head office to calculate profit or loss of each branch:
✅ Correct Answer: (C)
branch account
Q. Goods are supplied by the head office to dependent branches are at:
✅ Correct Answer: (D)
cost or invoice price