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JAMB Principles of Accounts 2010 Question 12

Question 12

Banking and Bank Reconciliation

The bank charges levied on a current account holder is the charges on

  1. A.transaction
  2. B.turnover
  3. C.transfer
  4. D.cash received.
Show the answer and explanation

Answer: B (turnover)

Explanation

Banks levy commission on turnover (COT) on current accounts.