Question Tag: Cheques

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BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

Question

Crossing of cheques has legal implications in banking transactions, and a cheque is a type of negotiable instrument.

Required:
i. A cheque instruction to “pay Ronke the sum of N50,000.00” without crossing the face of the cheque with two parallel lines.
ii. “Pay Andrew N100,000” with two parallel lines traversing the face of the cheque.
iii. “Pay Mary N150,000” with two parallel lines with Congo Bank written in between the two parallel lines on the face of the cheque.
iv. “Pay Ngozi N200,000” and by cheque with two parallel lines and the words “account payee only” written in between the two parallel lines.
v. Define negotiable instruments.

Answer

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Tags: Banking Transactions, Cheques, Crossing, Negotiable Instruments, Payment Instructions
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

Question

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

Answer

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Tags: Banking, Cheques, Negotiable Instruments, Payable on Demand
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

A. Notice of lunacy of the customer
B. Notice of presentation of a bankruptcy petition against the customer
C. Notice of an accident in which the customer is involved
D. Assignment of the balance in his account by the customer
E. Where the customer’s credit balance in the bank is insufficient to cover the cheque

Answer

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Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

Question

The type of crossing by which a cheque can only be deposited and collected through the bank account of the person whose name is written on it is a ____________.

Answer

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Tags: Banking, Cheques, Crossing
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

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Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

Question

The instruction given by the drawer to the drawee to stop the payment of a cheque is
A. Countermand
B. Injunction
C. Memo
D. Order
E. Signal

Answer

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Tags: Banking, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2018

BL – May 2021 – L1 – SB – Q6a – Law Relating to Banking

Evaluate Kash Bank’s refusal to honor Osagie’s cheque and the legal grounds for disclosure of account details.

Question

Osagie is a customer of Kash Bank Plc. He drew a cheque for the sum of N150,000 in favour of Osula. When Osula presented the cheque for payment at the nearest branch of Kash Bank Plc., the teller returned the cheque unpaid, telling him to get back to Osagie. Osula insists that the teller must tell him the state of Osagie’s account.

Required:
i. State THREE reasons for which Kash Bank Plc. could be wrong in returning Osagie’s cheque unpaid. (3 Marks)
ii. State THREE reasons for which Kash Bank Plc. could lawfully disclose the state of Osagie’s account. (3 Marks)

Answer

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Tags: Bank Responsibilities, Banking, Cheques, Disclosure
Level: Level 1

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

Question

Business today is facilitated by financial instruments.
Required:
Explain briefly TWO of the following:
i. Bearer Cheque
ii. Order Cheque
iii. Holder
iv. Open Cheque (5 Marks)

Answer

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Tags: Business Transactions, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2023

BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments

Explain special crossing on a cheque and identify narrations on a specially crossed cheque.

Question

A cheque may be crossed in different ways. Required:

i. Explain briefly “special crossing” on a cheque. (2 Marks)

ii. State TWO narrations that may be placed on such a crossed cheque. (2 Marks)

Answer

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Tags: Banking Law, Cheques, Legal Principles, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2023

FA – May 2017 – L1 – SB – Q6a – Bank Reconciliation

Prepare an adjusted cash book and bank reconciliation statement for Payless Ltd.

Question

The Accountant of Payless Limited, on receiving the bank statement of the business for September 2016, noticed a difference between the bank account balance and the bank column of the company’s cash book. On investigation, the accountant found the following:

(i) The bank statement had been debited in error to the tune of N500,000. The error had been discovered by the bank and would be reversed the next working day.
(ii) Cheques amounting to N840,000 paid into the bank were uncleared and yet to be credited to the business bank account.
(iii) Some cheques amounting to N206,500 paid into the bank were dishonoured.
(iv) Standing order of N100,000 with the bank had been effected by the bank.
(v) Dividends for investments amounting to N45,000 had been received directly into the bank account.
(vi) Some of the business debtors had paid directly into Payless Limited’s bank account an amount of N2,485,000.
(vii) Cheques amounting to N520,000 issued to creditors were recorded in the cash book but were yet to be presented to the bank.
(viii) Bank charges were N1,050.
(ix) Interests received from the bank were N4,255.

The balance on the bank column of the cash book was N3,797,268, and the bank statement balance was N5,203,973.

You are required to:

i. Prepare the adjusted cash book. (6 Marks)
ii. Prepare the bank reconciliation statement. (4 Marks)

Answer

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Tags: Adjusted Cash Book, Bank Charges, Bank Reconciliation, Cash Book, Cheques, Standing Order
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2016

BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

Question

Crossing of cheques has legal implications in banking transactions, and a cheque is a type of negotiable instrument.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Transactions, Cheques, Crossing, Negotiable Instruments, Payment Instructions
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

Question

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Negotiable Instruments, Payable on Demand
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

Question

Which of the following circumstances will NOT terminate the banker’s authority to honor a customer’s cheque?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Financial Transactions
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2012

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

Question

The type of crossing by which a cheque can only be deposited and collected through the bank account of the person whose name is written on it is a ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Crossing
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2014

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

Question

A cheque is said to be generally crossed if it

A. Bears two parallel lines across its face
B. Is not dated
C. Is not signed
D. Is not stamped
E. Has two postage stamps on it

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Law, Cheques, General Crossing, Multiple Choice
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

Question

The instruction given by the drawer to the drawee to stop the payment of a cheque is
A. Countermand
B. Injunction
C. Memo
D. Order
E. Signal

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2018

BL – May 2021 – L1 – SB – Q6a – Law Relating to Banking

Evaluate Kash Bank’s refusal to honor Osagie’s cheque and the legal grounds for disclosure of account details.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Responsibilities, Banking, Cheques, Disclosure
Level: Level 1

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

Question

Business today is facilitated by financial instruments.
Required:
Explain briefly TWO of the following:
i. Bearer Cheque
ii. Order Cheque
iii. Holder
iv. Open Cheque (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Transactions, Cheques, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2023

BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments

Explain special crossing on a cheque and identify narrations on a specially crossed cheque.

Question

A cheque may be crossed in different ways. Required:

i. Explain briefly “special crossing” on a cheque. (2 Marks)

ii. State TWO narrations that may be placed on such a crossed cheque. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Law, Cheques, Legal Principles, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2023

FA – May 2017 – L1 – SB – Q6a – Bank Reconciliation

Prepare an adjusted cash book and bank reconciliation statement for Payless Ltd.

Question

The balance on the bank column of the cash book was N3,797,268, and the bank statement balance was N5,203,973.

You are required to:

i. Prepare the adjusted cash book. (6 Marks)
ii. Prepare the bank reconciliation statement. (4 Marks)

Answer

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Tags: Adjusted Cash Book, Bank Charges, Bank Reconciliation, Cash Book, Cheques, Standing Order
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2016

Question Tag: Cheques

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BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

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BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument"

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments"

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

You're reporting an error for "BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments"

BL – May 2021 – L1 – SB – Q6a – Law Relating to Banking

Evaluate Kash Bank’s refusal to honor Osagie’s cheque and the legal grounds for disclosure of account details.

You're reporting an error for "BL – May 2021 – L1 – SB – Q6a – Law Relating to Banking"

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments"

BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments

Explain special crossing on a cheque and identify narrations on a specially crossed cheque.

You're reporting an error for "BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments"

FA – May 2017 – L1 – SB – Q6a – Bank Reconciliation

Prepare an adjusted cash book and bank reconciliation statement for Payless Ltd.

You're reporting an error for "FA – May 2017 – L1 – SB – Q6a – Bank Reconciliation"

BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument"

BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking

Identify which situation does not terminate the banker’s authority to honor a customer’s cheque.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q18 – Law Relating to Banking"

BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking

Identifying the type of cheque crossing for deposit and collection.

You're reporting an error for "BL – May 2014 – L1 – SA – Q17 – Law Relating to Banking"

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Identifies the feature that makes a cheque generally crossed.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments"

BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments

Identify the instruction given by the drawer to stop payment of a cheque.

You're reporting an error for "BL – May 2018 – L1 – SA – Q16 – Negotiable Instruments"

BL – May 2021 – L1 – SB – Q6a – Law Relating to Banking

Evaluate Kash Bank’s refusal to honor Osagie’s cheque and the legal grounds for disclosure of account details.

You're reporting an error for "BL – May 2021 – L1 – SB – Q6a – Law Relating to Banking"

BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments

Explains two types of cheques commonly used in business transactions

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q3d -Negotiable Instruments"

BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments

Explain special crossing on a cheque and identify narrations on a specially crossed cheque.

You're reporting an error for "BL – May 2023 – L1 – SB – Q2D – Negotiable Instruments"

FA – May 2017 – L1 – SB – Q6a – Bank Reconciliation

Prepare an adjusted cash book and bank reconciliation statement for Payless Ltd.

You're reporting an error for "FA – May 2017 – L1 – SB – Q6a – Bank Reconciliation"

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