On dishonor of a discounted bill whom does the bank look for payment
  • Drawer
  • Drawee
  • Endorser
  • Payee
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
Discounting Charges =
  • Amount of Bill Discounted × Rate × Unexpired Period
  • Amount of Bill Discounted × Rate / Unexpired Period
  • Amount of Bill Discounted × Rate + Unexpired Period
  • Amount of Bill Discounted + Rate × Unexpired Period
According to Negotiable Instrument Act, 1881, which of the following refers to “an instrument in writing (not being a bank note or a currency note) containing unconditional undertaking, signed by the maker to pay on demand or at a fixed or determinable future time a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument”?
  • Promissory note
  • Bearer debentures
  • Cheque
  • Bill of exchange
If the due date is public holiday what will be the due date of the bill
  • Preceding day
  • Following day
  • The same day
  • After two days
Fee paid in cash to Notary Public is charged by
  • Holder of bill of exchange
  • Drawee
  • Drawer
  • None
Kamal draws a bill on Sahil for Rs. Kamal endorsed it to Rohan. Rohan endorsed it to Rakesh. The payee of the bill will be
  • Kamal
  • Rakesh
  • Sahil
  • Rohan
Noting charges are paid by the ___ but these are recordable from the ____
  • Drawer, Drawer
  • Drawer, Drawee
  • Drawee, Drawer
  • Drawee, Drawee
Person to whom the bill is endorsed called ____
  • Endorsement
  • Endorser
  • Endorsee
  • None
What are the parties to a bill of exchange
  • Drawee, Drawer, Payee
  • Drawee, Drawer, Debtor
  • Payer, Drawee, Drawer
  • Drawee, Drawer, Creditor
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
The purpose of accommodation bill is :
  • To finance actual purchase
  • When both parties are in need of funds
  • To facilitate trade transmission
  • None
It is a period of time after which a bill becomes payable?
  • Grace days
  • Maturity
  • Usance
  • Tenor
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
In case if endorsement of bill the endorser debits?
  • Creditor account
  • Cash account
  • Bill receivable account
  • Bill payable account
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
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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