The independent branches are autonomous as they are allowed to make their own purchases from open markers and pay for their expenses.

Related MCQs

• The branches which are totally dependent on head office are also termed as Agency Branches.
• Opening stock + purchases + direct expenses – closing stock =
• As per AS -30 prepaid expenses are not financial instruments.
• A ---------- policy covers loss of stock, fixed asset, profit, expenses etc.
• Actual petty expenses paid by branch from petty cash are to br shown separately in Branch Account.
• Preliminary expenses is an example of
• Prepaid expenses is an example of .
• They record a few translation completely just like the double entry system but a majority of the transactions are recorded only partially is known as incomplete records.
• Foreign Branch almost invariably trade independently and records their transaction in
• Banks are to recognize their income on…………….basis in respect of income on performing asset.