When a bill is negotiated to a bank, it is said to be?
When a bill is negotiated to a bank, it is said to be?
Accepted
Discounted
Surrendered
Cashed
Correct answer is B
A bill discounting involves effectively selling a bill to a bank for an amount that is slightly less than the par value and before the maturity date associated with the bill of exchange.
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\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditor...