CBSE  /  Class 11  /  Accountancy  /  Bills of Exchange

  • 1. 
    Noting charges are paid by the ___ but these are recordable from the ____

  • Drawer, Drawer
  • Drawer, Drawee
  • Drawee, Drawer
  • Drawee, Drawee

  • 2. 
    Person to whom the bill is endorsed called ____

  • Endorsement
  • Endorser
  • Endorsee
  • None

  • 3. 
    What are the parties to a bill of exchange

  • Drawee, Drawer, Payee
  • Drawee, Drawer, Debtor
  • Payer, Drawee, Drawer
  • Drawee, Drawer, Creditor

  • 4. 
    Which bill is not allowed 3 days of grace

  • Bill at the time of due date
  • Bill at sight
  • Bill after due date
  • Bill before due date

  • 5. 
    The purpose of accommodation bill is :

  • To finance actual purchase
  • When both parties are in need of funds
  • To facilitate trade transmission
  • None

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

  • Grace days
  • Maturity
  • Usance
  • Tenor

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

  • Endorsement of bill
  • Discounting of bill
  • Retirement of bill
  • Dishonor of bill

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

  • Creditor account
  • Cash account
  • Bill receivable account
  • Bill payable account

  • 9. 
    Which of the following is not true?

  • There is no difference in appearance between trade and accommodation bill
  • A bill of exchange must be accepted
  • Drawee is maker of a bill
  • Accommodation bill is for an imaginary transaction

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

  • Honored bill
  • Dishonored bill
  • Retired bill
  • Endorsed bill
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