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JAMB Commerce 2004 Question 23

Question 23

Purchase and Sale of Goods

The instruments of credit include

  1. A.billboards and postal stamps
  2. B.payment vouchers and statement of account
  3. C.bills of exchange and promissory notes
  4. D.bills of exchange and salary vouchers
Show the answer and explanation

Answer: C (bills of exchange and promissory notes)

Explanation

Bills of exchange and promissory notes are written promises or orders to pay later, so they are credit instruments.