The Major Difference Between a Cheque and a Draft Is

question 21

Multiple Choice

The major difference between a cheque and a draft is that:

• A)the draft is not drawn on the bank but on the issuer.
• B)the bank must present the draft to the firm for acceptance.
• C)after accepting the draft, the firm must deposit the funds to make payment.
• D)The cash need not be deposited until the drafts are accepted.
• E)All of the above.

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