JAMB Principles of Accounts 1998 Question 46

The difference between the closure of the books of a branch and those of a separate company is that

1. A.there is retained earnings account on the branch books
2. B.the revenue and expense account is closed to branch current account
3. C.there is no retained earnings account on the branch books
4. D.the revenue and expense account is not closed to the home office current account.