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JAMB Principles of Accounts 2009 Question 12

Question 12

Banking and Bank Reconciliation

The standing order is a payment instruction given by a

  1. A.customer to the bank
  2. B.bank to the customers
  3. C.bank to an employee
  4. D.customer to a fellow customer
Show the answer and explanation

Answer: A (customer to the bank)

Explanation

A customer instructs the bank to make regular fixed payments from his account.