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WAEC Financial Accounting 1996 Question 21

Question 21

Banking and Bank Reconciliation

The payee of a cheque is the

  1. A.drawer's banker
  2. B.drawee's banker
  3. C.person named to receive the amount on the cheque
  4. D.bank cashier
  5. E.drawer.
Show the answer and explanation

Answer: C (person named to receive the amount on the cheque)

Explanation

The payee is the person the cheque is made payable to.