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JAMB Principles of Accounts 2004 Question 8

Question 8

Banking and Bank Reconciliation

The recipient whose name appears on a cheque is called a

  1. A.payer
  2. B.drawer
  3. C.drawee
  4. D.payee
Show the answer and explanation

Answer: D (payee)

Explanation

The payee is the person named on the cheque to receive the money; the drawer writes it and the drawee is the bank.