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WAEC Commerce 2016 Question 19

Question 19

Banking

When a cheque is paid by the bank on which it is drawn, the cheque is

  1. A.discounted.
  2. B.credited.
  3. C.debited.
  4. D.cleared.
Show the answer and explanation

Answer: D (cleared.)

Explanation

A cheque that the drawee bank has paid has been honoured (cleared).