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WAEC Commerce 1998 Question 53

Question 53

Banking

The words "Account payee only" on a cheque mean

  1. A.it is transferable
  2. B.pay only to the holder's account
  3. C.a special crossing
  4. D.it is a banker's cheque
  5. E.it is for endorsement
Show the answer and explanation

Answer: B (pay only to the holder's account)

Explanation

'Account payee only' means the money must be paid into the payee's account.