JAMB Accounting 2018 Objective — Question 28

Question 28 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.

When a bill is negotiated to a bank, it is said to be

A. transacted
B. discountedCorrect
C. surrendered
D. cashed

Explanation

When a bill is negotiated to a bank, it means the bearer needs cash for it as soon as possible; the bank pays it at a discount which serves as the bank's benefit.

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