Test your accounting knowledge with this quiz covering topics such as book-keepi...

To calculate the branch's profit or loss

To track the branch's inventory levels

To reconcile the differences between the branch's books and the main office's books (correct)

To record the initial investment in a new branch

The buyer has no responsibility for maintenance of the purchased item

Ownership is transferred to the buyer immediately after the first installment is paid

Ownership is transferred to the buyer only after the last installment is paid (correct)

Interest is not charged in a hire purchase system

The buyer returns the purchased item for a refund

The seller takes back the sold item and cancels the agreement (correct)

The buyer becomes the sole owner of the purchased item

The seller provides additional warranty for the sold item

<p>The ratio in which the remaining partners acquire the outgoing partner's share</p> Signup and view all the answers

<p>The excess of average profit over normal profit</p> Signup and view all the answers