What is cheque and write it's 4 advantages
Answers
Answer:
Advantages of cheques. A cheque is a traditional payment method that employs the use of a paper document to make a payment transaction. It is a trusted form of making payments as only the recipient named is able to cash the cheque at a financial institution, provided that they prove their identity.
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Answer:
The following are advantages of cheques:
1. IT helps to avoid carrying bulk cash which is very risky especially in modern days.
2. Crossed cheques are safe for remittance purposes. In case of fraud, the payee or endorsee can be found out.
3. Payments/salaries received through cheques are safe. It creates evidence for having made the payments.
4. When payments/salaries are made through cheques, giving receipts are not necessary.
5. All cheque payments will be recorded in the books of the bank. No necessity to keep a separate record of all payments made.
6. Cheques can be transferred from person to person. This will help one to make payments to sellers of goods and services.
7. Printing of more currency notes can be avoided when cheques are used to make payments.
8. Handling of huge cash on a daily basis is avoided.
9. Widespread use of cheques eliminates black money to a large extent in the economy.
Explanation: