Quiz  /  Bill of Exchange Class 11 MCQ Questions With Answers

  • 1. 
    If the due date of bill falls on public holiday then the maturity date is on

  • One day after maturity date
  • One day before maturity day
  • Public holidays
  • None of these

  • 2. 
    Noting charges are borne by

  • Drawee
  • Drawer
  • Holder of bill
  • Notary Public

  • 3. 
    A bill payable on demand is called

  • Time Bill
  • Sight Bill
  • Endorsement of bill
  • Retiring of the bill

  • 4. 
    Purchases a/c Dr. To Bank a/c To ………….a/c (Bought goods from Mohan and half payment made through cheque and bill accepted for remaining balance)

  • Time Bill
  • Bills payable
  • Endorsement of bill
  • Retiring of the bill

  • 5. 
    When the bills of exchange of drawn and accepted for trade purpose it is called.....

  • Accommodation bill
  • Trade bill

  • 6. 
    A charge collected by bank on dishonoured is known as rebate.

  • True
  • False

  • 7. 
    A promissory note is made by......

  • Seller
  • Purchaser
  • Endorsee
  • None of these

  • 8. 
    If Mohan’s acceptance which was endorsed to Mrs Jivika is dishonoured then the amount will be Credited in our books

  • a. Mohan
  • b. Jivika
  • c. Bills Receivable account
  • d. None of the above

  • 9. 
    Anand draws a bill on Vijay & maturity date is 15 August now he has to pay amount to Anand on 16 August.

  • True
  • False

  • 10. 
    A bill was drawn on Aug 21, 2018 for one month, if maturity date is declared emergency holiday then due date will be…………

  • 05th September
  • 20th September
  • 25th September
  • None of these

  • 11. 
    The Bills Receivable book is part of

  • Journal
  • Ledger
  • Trial balance
  • Balance sheet

  • 12. 
    What makes a bill a valid instrument

  • The bill has to be in writing
  • The bill has to be stamped or on stamp paper
  • the bill has to be accepted by the drawee
  • All of the above

  • 13. 
    Drawers can……………the bill to get instant payment of bill.

  • Discount
  • No Discount
  • None of these

  • 14. 
    A bill of exchange must be accepted by the payee.

  • True
  • False

  • 15. 
    Three days are added for ascertaining the date of maturity. These are known as days of......

  • Maturity
  • Grace
  • Payment
  • none of these

  • 16. 
    Ram draws a bill on Shyam which is ‘bill at sight’ on 28 March and pay as soon as possible. Then days of grace will be added for computing due date.

  • True
  • False

  • 17. 
    When discounted bill is dishonoured debtor is debited in the book of drawer.

  • True
  • False

  • 18. 
    A bill of exchange is order to Make payment by

  • a. Conditional
  • b. Unconditional
  • c. A & B both
  • d. None of the Above
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