What is one advantage of using cheques for payment?a)Cheques are a fast method of paymentb)Cheques are easily transferable from one person to anotherc)Cheques provide a record of all transactions on paperd)Cheques can be processed instantly without any delayCorrect answer is option 'C'. Can you explain this answer?

Question

Answer

One advantage of using cheques for payment is that they provide a record of all transactions on paper. When a cheque is written, it serves as a written proof of payment and can be used as evidence of the transaction. This is especially useful for individuals or businesses who prefer to keep a physical record of their financial transactions.For example, if a company needs to track its expenses and payments, using cheques allows them to have a paper trail of all the transactions made. This can be helpful for accounting purposes and for keeping track of financial records.Additionally, cheques can also be used as a reference for future transactions or for resolving any disputes that may arise regarding the payment.

Answer

One advantage of using cheques for payment is that they provide a record of all transactions on paper. When a cheque is written, it serves as a written proof of payment and can be used as evidence of the transaction. This is especially useful for individuals or businesses who prefer to keep a physical record of their financial transactions.For example, if a company needs to track its expenses and payments, using cheques allows them to have a paper trail of all the transactions made. This can be helpful for accounting purposes and for keeping track of financial records.Additionally, cheques can also be used as a reference for future transactions or for resolving any disputes that may arise regarding the payment.

Answer

One advantage of using cheques for payment is that they provide a record of all transactions on paper. When a cheque is written, it serves as a written proof of payment and can be used as evidence of the transaction. This is especially useful for individuals or businesses who prefer to keep a physical record of their financial transactions.For example, if a company needs to track its expenses and payments, using cheques allows them to have a paper trail of all the transactions made. This can be helpful for accounting purposes and for keeping track of financial records.Additionally, cheques can also be used as a reference for future transactions or for resolving any disputes that may arise regarding the payment.

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