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JAMB Principles of Accounts 2008 Question 12

Question 12

Banking and Bank Reconciliation

Commission-on-turnover is charged on

  1. A.current accounts only
  2. B.savings accounts only
  3. C.fixed deposit accounts only
  4. D.all bank accounts
Show the answer and explanation

Answer: A (current accounts only)

Explanation

Banks charge commission on turnover on the withdrawals from current accounts.