observation

1. Candidates performed poorly in this question.  They could not satisfactorily explain some             of the   types of cheque.

   1. Stale cheque:  it is a cheque that has been issued for more than six months.
   2. Post dated cheque:    This is a cheque that has a date that is yet to come or bears a future date.
   3. Bearer cheque:          This is a cheque made payable to a named person or bearer so that it is if payable to anyone who present it.

               Means of payment in business

   1. Cheque:          It is a bill of exchange drawn on a bank payable on demand.
   2. Stamps:           These are used to make small payments to sellers who use the stamps themselves.  They are used by Post Office to balance customers’ accounts when there are no adequate coins.  The stamps could be sold to the Post Office.
   3. Promissory note:       This is an unconditional promise made in writing by one person to another promising to pay a given sum of money at a given period.