Branch Accounting – NBC Institute

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

Question

In branch accounting, a loss that occurs due to natural causes or the perishable character of goods, and as such is inevitable, is called a:

Answer

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Tags: Branch Accounting, Losses
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

Question

Where goods are invoiced by a head office to its branch at cost-plus, the Branch Inventory Adjustment Account is used to determine?

Answer

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Tags: Branch Accounting, Cost-plus Accounting, Inventory Adjustment
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2012

FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2

Calculating unrealised profit on unsold stock at a branch.

Question

Selling price of goods invoiced to a branch was N172,800 at a mark-up of one-ninth of the cost price. At the end of the accounting period, 50% of the goods remained unsold. Determine the unrealised profit on the unsold stock.

Answer

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Tags: Branch Accounting, Inventory Valuation, Unrealised Profit
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2013

FR – May 2018 – L2 – Q5a – Preparation of Financial Statements

Prepare statements of profit or loss and financial position for Head Office, Branch, and the combined entity using trial balances provided.

Question

The following trial balances for the year ended 31 December 2017 were obtained from the Head Office and Branch of Compassionate Grounds Ltd.

Additional information: i) The branch deposited GH¢800,000 on behalf of the head office in the bank on 31 December 2017. No record of this transaction had been made in head office books. ii) All goods sold by the branch are supplied from the head office at cost plus 25%. At 31 December 2017, goods to the value of GH¢10 million were in transit to the branch. iii) Inventories at 31 December 2017, excluding goods in transit were as follows:

Branch at markup: GH¢8,000
Head Office at cost: GH¢14,500

Required:
Prepare for the head office, branch, and combined entity of Compassionate Grounds Limited:

Statement of profit or loss for the year ended 31 December 2017
Statement of financial position as at 31 December 2017

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Consolidation, Financial Reporting, Head Office, Intercompany transactions, Inventory, Unrealized profit
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2018

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

Question

In branch accounting, a loss that occurs due to natural causes or the perishable character of goods, and as such is inevitable, is called a:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Losses
Level: Level 1

Topic: Accounting from Incomplete Records
Series: MAY 2012

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

Question

Where goods are invoiced by a head office to its branch at cost-plus, the Branch Inventory Adjustment Account is used to determine?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Cost-plus Accounting, Inventory Adjustment
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2012

FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2

Calculating unrealised profit on unsold stock at a branch.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Inventory Valuation, Unrealised Profit
Level: Level 1

Topic: Accounting for Inventories (IAS 2)
Series: NOV 2013

FR – May 2018 – L2 – Q5a – Preparation of Financial Statements

Prepare statements of profit or loss and financial position for Head Office, Branch, and the combined entity using trial balances provided.

Question

The following trial balances for the year ended 31 December 2017 were obtained from the Head Office and Branch of Compassionate Grounds Ltd.

Branch at markup: GH¢8,000
Head Office at cost: GH¢14,500

Required:
Prepare for the head office, branch, and combined entity of Compassionate Grounds Limited:

Statement of profit or loss for the year ended 31 December 2017
Statement of financial position as at 31 December 2017

Answer

Find Related Questions by Tags, levels, etc.

Tags: Branch Accounting, Consolidation, Financial Reporting, Head Office, Intercompany transactions, Inventory, Unrealized profit
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2018

Question Tag: Branch Accounting

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FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2

Calculating unrealised profit on unsold stock at a branch.

FR – May 2018 – L2 – Q5a – Preparation of Financial Statements

Prepare statements of profit or loss and financial position for Head Office, Branch, and the combined entity using trial balances provided.

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2

Calculating unrealised profit on unsold stock at a branch.

FR – May 2018 – L2 – Q5a – Preparation of Financial Statements

Prepare statements of profit or loss and financial position for Head Office, Branch, and the combined entity using trial balances provided.

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FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

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FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records"

FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2

Calculating unrealised profit on unsold stock at a branch.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2"

FR – May 2018 – L2 – Q5a – Preparation of Financial Statements

Prepare statements of profit or loss and financial position for Head Office, Branch, and the combined entity using trial balances provided.

You're reporting an error for "FR – May 2018 – L2 – Q5a – Preparation of Financial Statements"

FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records

Identifying the type of loss that occurs due to natural causes in branch accounting.

You're reporting an error for "FA – May 2012 – L1 – SA – Q23 – Accounting from Incomplete Records"

FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records

Identify the use of the Branch Inventory Adjustment Account in branch accounting.

You're reporting an error for "FA – Nov 2012 – L1 – SB – Q38 – Accounting for Incomplete Records"

FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2

Calculating unrealised profit on unsold stock at a branch.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q28 – Accounting for Inventories in Accordance with IAS 2"

FR – May 2018 – L2 – Q5a – Preparation of Financial Statements

Prepare statements of profit or loss and financial position for Head Office, Branch, and the combined entity using trial balances provided.

You're reporting an error for "FR – May 2018 – L2 – Q5a – Preparation of Financial Statements"

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Customer

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