Explanation

(a)  Functions of money:

• It is used as a medium of exchange;
• It serves as a standard of deferred payment.  Goods can be bought on credit and payment made in a month’s time
• Unit of Account:  Money serves as a standard and numerical unit of measurement of market value of goods and services
• It serves as a store of value which enables money to be kept for use in future.

(b)  Advantages of payment by cheque:

• It minimizes the use of cash in settling indebtedness;
• If a cheque is lost, it is easier to trace than when cash is lost;
• It is more convenient to move about with cheque than cash;
• The drawer of a cheque can stop payment before it is cashed;
• Cheque stubs serve as a receipt which help the drawer to keep records of payment;
• Postdated cheque serves as means of deferred payment;
• Cheques can be made out for any amount;
• Payment by cheque saves time and energy in counting cash;
• The parties to the transaction need not meet since cheques can be sent by post;
• It is more secured to move around with cheques than cash

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