Procedure and documentation - Jamb Commerce Past Questions and Answers

Question 36:

• JAMB 2014

A carton of noodles valued at #2,000 was invoiced at #200 only.The accounting procedure to correct this error is to issue

A. An invoice for #200
B. A debit note for #2,00
C. A credit note for #1,800
D. A debit note for #1,800

Question 37:

• JAMB 2015

Which of the following best describes an invoice?

A. Contractual agreement for the sale of goods
B. Document specifying quantity, description, prices and total value of purchase .
C. Receipt containing necessary information about the goods.
D. Letter specifying the contractual sales of goods between two parties

Question 38:

• JAMB 2015

The term 4 net 7 on an invoice means that

A. 4% surcharge will be made unless payment is made within seven days
B. 4% discount will be allowed on the price charged only if the good are bought within seven days
C. 4% discount will be allowed on the price charge if payment is made after seven days
D. 4% discount will be allowed on the price charged if payment is made price charged if payment is made price charged if payment is made within seven days.

Question 39:

• JAMB 2016

A document that serves as an instument for perferential tariff is referred to as

A. An indent
B. A certificate of origin
C. A consular invoice
D. An advice note

Question 40:

• JAMB 2016

A formal letter to a dealer to enquire details about certain items for sale is referred to as

A. An inquiry
B. An invoice
C. An order
D. A quotation