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Financial Statements of NPO

Stop payment ...

Question

Stop payment letter is usually made to prevent the misuse of the cheque when the cheque is _______.

A

lost

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B

issued

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C

credit

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D

None of these

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Solution

The correct option is A lost
Stop payment letter is usually made to prevent the misuse of the cheque when the cheque is lost. A customer who issued the cheque can write a stop payment letter. This stop payment letter is used to issue in order to stop the misuse of the lost cheque.

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