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Questions and Answers
What is the purpose of branch adjustment account?
What is the purpose of branch adjustment account?
- 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
What are the characteristics of a hire purchase system?
What are the characteristics of a hire purchase system?
- 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
What is complete repossession in the context of accounting?
What is complete repossession in the context of accounting?
- 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
What is gaining ratio in accounting?
What is gaining ratio in accounting?
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What is super profit in accounting?
What is super profit in accounting?
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