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JAMB Commerce 2014 Question 12

Question 12

Purchase and Sale of Goods

A document recording the transactions of an organization with its customer for a specified period which normally shows the indebtedness of one to the other is a

  1. A.statement of account.
  2. B.consular invoice.
  3. C.proforma invoice.
  4. D.statement of affairs.
Show the answer and explanation

Answer: A (statement of account.)

Explanation

A statement of account lists the period's dealings and shows the balance one party owes the other.