WAEC - Commerce (2015 - No. 18)
A cheque which the bank refused to pay because the drawer had insufficient funds in his account is?
a bounced cheque
a bearer cheque
a crossed cheque
an order cheque
Explication
A bounced cheque is a cheque which is returned by a bank because the account owner does not have sufficient funds on deposit. When someone writes a cheque to someone else or to a company, that entity in turn deposits the cheque into the bank.