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

Accounts - Principles of Accounts
JAMB 2010

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

  • A. transaction
  • B. turnover
  • C. transfer
  • D. cash received
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Correct Answer: Option B
Explanation

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. 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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