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What is the difference between a cheque and a bank draft?
- a)A cheque is issued by an individual, while a bank draft is issued by a financial institution
- b)A cheque is a means of payment, while a bank draft is a type of negotiable instrument
- c)A cheque requires the signature of the payer, while a bank draft does not
- d)A cheque is payable on demand, while a bank draft is payable on a specified future date
Correct answer is option 'A'. Can you explain this answer?
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What is the difference between a cheque and a bank draft?a)A cheque is...
The main difference between a cheque and a bank draft is that a cheque is issued by an individual, while a bank draft is issued by a financial institution. A cheque is a means of payment in which the payer instructs their bank to pay a certain sum of money to the payee. It requires the signature of the payer and is typically used for various transactions.On the other hand, a bank draft is a type of negotiable instrument that is issued by a financial institution. It is a written order from the payer's bank to another bank, instructing them to pay a certain sum of money to the payee. It does not require the signature of the payer and is often used for larger transactions or when a more secure form of payment is required.
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What is the difference between a cheque and a bank draft?a)A cheque is...
The main difference between a cheque and a bank draft is that a cheque is issued by an individual, while a bank draft is issued by a financial institution. A cheque is a means of payment in which the payer instructs their bank to pay a certain sum of money to the payee. It requires the signature of the payer and is typically used for various transactions.On the other hand, a bank draft is a type of negotiable instrument that is issued by a financial institution. It is a written order from the payer's bank to another bank, instructing them to pay a certain sum of money to the payee. It does not require the signature of the payer and is often used for larger transactions or when a more secure form of payment is required.
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What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer?
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What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer?.
What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between a cheque and a bank draft?a)A cheque is issued by an individual, while a bank draft is issued by a financial institutionb)A cheque is a means of payment, while a bank draft is a type of negotiable instrumentc)A cheque requires the signature of the payer, while a bank draft does notd)A cheque is payable on demand, while a bank draft is payable on a specified future dateCorrect answer is option 'A'. Can you explain this answer?.
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