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Next Practice: MCQs

 

 MCQs 1 to 10

1. A bill of exchange is an?

Correct! Wrong!

2. A person who writes out the order to pay is called?

Correct! Wrong!

3. When a drawer discounts the bill, he gets?

Correct! Wrong!

4. In case of term bill extra three days are given to acceptor are called?

Correct! Wrong!

5. How many parties are involved in case of discounting of bill?

Correct! Wrong!

6. It is a period of time after which a bill becomes payable?

Correct! Wrong!

7. If the drawer is in need of money and cannot wait till due date and receive the money form bank is called?

Correct! Wrong!

8. In case if endorsement of bill the endorser debits?

Correct! Wrong!

9. Which of the following is not true?

Correct! Wrong!

10. When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?

Correct! Wrong!

 

>> Read Bill of Exchange

 

MCQs 11 to 20

11. A person who is ordered to pay a bill of exchange is called?

Correct! Wrong!

12. The bill become payables at any time when they are presented by the holder are called?

Correct! Wrong!

13. A bill of exchange is drawn by?

Correct! Wrong!

14. Interest on renewal of a bill is an expense to the?

Correct! Wrong!

15. Bill payable account is a?

Correct! Wrong!

16. In case of retirement of bill, the rebate or discount is a revenue for the?

Correct! Wrong!

17. The person to whom the bill is transferred will become?

Correct! Wrong!

18. When a bill is dishonored, the holder of the bill goes to an official called?

Correct! Wrong!

19. When a drawee is declared insolvent, which account is to be debited in the books of drawer?

Correct! Wrong!

20. When a drawer discounts a bill, he debits?

Correct! Wrong!

 

>> Practice Final Accounts MCQs

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References

Afzal, S., & Ch., M. A. (2015). Principles of Accounting (I.Com Part-I). Lahore: Azeem Academy.

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