Bill of Exchange MCQs

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 MCQs 1 to 10

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A bill of exchange is an?

Correct! Wrong!

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

Correct! Wrong!

When a drawer discounts the bill, he gets?

Correct! Wrong!

In case if endorsement of bill the endorser debits?

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

Which of the following is not true?

Correct! Wrong!

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

Correct! Wrong!

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

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A bill of exchange is drawn by?

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

Bill payable account is a?

Correct! Wrong!

The person to whom the bill is transferred will become?

Correct! Wrong!

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

Correct! Wrong!

When a drawer discounts a bill, he debits?

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

 

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Company Final Accounts Problems

References

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

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