JAMB Accounting Past Questions & Answers - Page 156

Charge on turnover (COT) also known as Commission on turnover are charges a customer incurs for debit transactions (transaction involving withdrawals and/or operating cost to the bank) from his current account. 

Electronic charges or payment on the bank statement not yet recorded in the cashbooks can cause discrepancies on the cash book. If interest has being paid on the account and not recorded of the cashbook, the bank statement is likely going to be overstated with the amount paid and not recorded.

A credit note is one of the source documents used by a business. It is a receipt given by a seller to a buyer. 

Credit notes are typically used when there has been an error in an already-issued invoice, such as an incorrect amount, or when a customer wishes to change their original order.

Essential Elements Each Invoice Must Include

• The word Invoice.
• Seller's name and address, contact details and company registration number.
• Buyers name and address.
• Date: invoice issue date, payment due date, delivery date.
• A unique invoice reference number.
• Description of goods

Real account is an account dealing with the material assets of a business, such as its property.