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WAEC Financial Accounting 2017 Question 44

Question 44

Branch Accounts

A branch that keeps its own records prepares the records of transactions with the head office in the

  1. A.Branch Current Account.
  2. B.Branch Stock Account.
  3. C.Head Office Current Account.
  4. D.Profit and Loss Account.
Show the answer and explanation

Answer: C (Head Office Current Account.)

Explanation

In the branch's own books, dealings with head office are recorded in the head office current account (head office keeps the branch current account).