Invoice - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods

Question 2:

• JAMB 2000

An invoice can be described as a

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 3:

• JAMB 2004

The term 4 net 7 on an invoice means that?

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

Question 4:

• 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 5:

• 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.