LS-5 SALES & PURCHASE OF GOODS PT1

The form of credit sales common to low income groups is

Hire purchase

Correct Incorrect Correct answer

Club trading

Correct Incorrect Correct answer

Booking -me -down

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Credit trading

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A bill of exchange already accepted can be discounted by the holder in ______?

The central bank

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At least two banks

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His bank

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Any bank

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

An invoice for #200

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A debit note for #2,00

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A credit note for #1,800

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A debit note for #1,800

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A document sent by a broker to his client to confirm a purchase or sale made on his behalf is

Delivery note

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Consignment note

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Transfer form

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Contract note

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Which of the following best describes an invoice?

Contractual agreement for the sale of goods

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Document specifying quantity, description, prices and total value of purchase .

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Receipt containing necessary information about the goods.

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Letter specifying the contractual sales of goods between two parties

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The term 4 net 7 on an invoice means that

4% surcharge will be made unless payment is made within seven days

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4% discount will be allowed on the price charged only if the good are bought within seven days

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4% discount will be allowed on the price charge if payment is made after seven days

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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.

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The cost which is incurred as a result of failure to load or unload a ship at the ports within a specified period is referred to as

Demurrage charges

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Premium charges

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Excess charges

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Trade charges

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

An inquiry

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An invoice

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An order

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A quotation

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Where a manufacturer doesn’t collects money from wholesalers in exchange for goods produced is referred to as

Charge account

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Trading checks

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Trade credit

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I owe you

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Quantity discount is offered mainly to persuade the buyer to

Defer payment

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Make prompt purchases

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Make advance payment

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Purchase more

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LS-5 SALES & PURCHASE OF GOODS PT1

LS-5 SALES & PURCHASE OF GOODS PT1

Thomas Bamidele February 9, 2024

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