It is money which by law must be accepted in payments for goods and services.
1. Coins: These are small pieces of precious metals issued and stamped by the central bank which can be used as a medium of exchange.
2. Bank Note: This can also be referred to as paper money. These are notes of different denominations made and issued by the central bank. They are commonly used in Nigeria because they are legal tender.
1. Explain the various means of payments.
2. Briefly explain the following:
i. prompt cash.
iii. Spot cash
iv. Trade discount
v. Seasonal Discount
3. Differentiate the following terms
a. Invoice and Pro-forma invoice
b Credit note and debit note
c. Delivery note and consignment note.
4. List and explain briefly four ways by which payment can be made through the post office.