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The implication of issuing a crossed cheque is that it can only be

Office Practice
WAEC 2020

The implication of issuing a crossed cheque is that it can only be

  • A. cashed at the counter
  • B. cash after six month of its issue
  • C. lodged into the current account of the payee
  • D. lodged into the fixed deposit account
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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Correct Answer: Option C
Explanation

Crossed cheque is payable over the counter on presentment by the payee to the paying banker, while a crossed cheque is not payable over the counter but shall be collected only through a banker.The amount payable for the crossed cheque is transferred to the bank account of the payee.


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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid