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This set of MCQs helps students to learn about various important things such as, stating the meaning of the bill of exchange and a promissory note, distinguishing between a bill of exchange and a promissory note, stating the advantages of the bill of exchange, explaining the meaning of different terms involved in the bill transaction, record bill of exchange transactions in the journal, record transactions relating to dishonor, retirement and renewal of bill, describe the uses of bill receivable and bill payable book, state the meaning and use of accommodation bill.
Discounting Charges =
The due date of bill dated 1st February, 2003 for a period of 2 months shall be:
The due date of bill dated 31st January, 1992 for a period of 1 month will be: (year 1992 is a leap year)
Accommodation bills are also termed as …………. bills.
What shall be the due date of bill dated 21st July, 1993 for a period of 60 days when 22nd September, 1993 is declared as emergency holiday?
The act for signing by the drawer on the book of the instruments for the purpose of transfer,
Acceptance of bill
Cheque
Endorsement
Bill
Which balance is shown by a B/R Book.
Credit
None
Both
Debit
On whom the trade bill drawn,
Seller
Creditor
Debtor
Owner
The party who is entitled to receive the cash of a bill receivable is called,
Drawer
Drawee
Capitalist
Bank
Bills of Exchange contains an unconditional ____________, and Promissory note contains an unconditional _________________.
Order, promise
Payment, order
Promise, order
Payment, promise
Bills of Exchange contains an unconditional ____________, and Promissory note contains an unconditional _________________.
Order, promise
Payment, order
Promise, order
Payment, promise
Noting charges are ultimately borne by -
Drawee
Drawer
Payee
Maker
A Promissory note _____________ the acceptance.
Does not require
Requires
Makes
Arranges
B has accepted the bill drawn on him by A. Which of the following statements is correct?
A can endorse the bill, B cannot endorse the bill
A can endorse the bill
B cannot endorse the bill
B can endorse the bill
At the time of renewal of a bill, _____________ account is debited in the books of the drawee.
Interest
Discount
Rebate
None of the options
B/R stands for,
Bank Receivable Books
Bank Receipt
Bank Rebate
All of them
