The difference between the closure of the books of a branch and those of a…

Accounts - Principles of Accounts JAMB 1998

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

  • there is retained earnings account on the branch books checkmark
  • the revenue and expenses account is closed to branch current account
  • there is no retained earnings account on the branch
  • the revenue and expenses account is not closed to the home office current account

The correct answer is: A

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