Question on: JAMB Commerce - 2023
Another name or term for a dishonoured cheque is
A
a bearer cheque
B
an open cheque
C
a bounced cheque
D
an order cheque
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Correct Option: C
A bounced cheque, also known as a dishonoured cheque, is a cheque that cannot be processed because the account on which it was drawn does not have sufficient funds. Banks return, or 'bounce,' these cheques to the issuer, indicating that the payment cannot be made due to insufficient funds.
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