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CBSE
Class 11 Accountancy
Bills Of Exchange
Quiz 1
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On dishonor of a discounted bill whom does the bank look for payment
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Drawer
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Drawee
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Endorser
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Payee
Explanation
Drawer
The act for signing by the drawer on the book of the instruments for the purpose of transfer
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Acceptance of bill
0%
Cheque
0%
Endorsement
0%
Bill
Explanation
Endorsement
Which balance is shown by a B/R Book
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Credit
0%
None
0%
Both
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Debit
Explanation
Debit
On whom the trade bill drawn
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Seller
0%
Creditor
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Debtor
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Owner
Explanation
Debtor
The party who is entitled to receive the cash of a bill receivable is called
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Drawer
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Drawee
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Capitalist
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Bank
Explanation
Drawer
Discounting Charges =
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Amount of Bill Discounted × Rate × Unexpired Period
0%
Amount of Bill Discounted × Rate / Unexpired Period
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Amount of Bill Discounted × Rate + Unexpired Period
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Amount of Bill Discounted + Rate × Unexpired Period
Explanation
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”?
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Promissory note
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Bearer debentures
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Cheque
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Bill of exchange
Explanation
Bill of exchange
If the due date is public holiday what will be the due date of the bill
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Preceding day
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Following day
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The same day
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After two days
Explanation
Preceding day
Fee paid in cash to Notary Public is charged by
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Holder of bill of exchange
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Drawee
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Drawer
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None
Explanation
Holder of bill of exchange
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
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Kamal
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Rakesh
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Sahil
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Rohan
Explanation
Rakesh
Noting charges are paid by the ___ but these are recordable from the ____
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Drawer, Drawer
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Drawer, Drawee
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Drawee, Drawer
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Drawee, Drawee
Explanation
Drawee, Drawer
Person to whom the bill is endorsed called ____
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Endorsement
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Endorser
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Endorsee
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None
Explanation
Endorser
What are the parties to a bill of exchange
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Drawee, Drawer, Payee
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Drawee, Drawer, Debtor
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Payer, Drawee, Drawer
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Drawee, Drawer, Creditor
Explanation
Drawee, Drawer, Payee
Which bill is not allowed 3 days of grace
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Bill at the time of due date
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Bill at sight
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Bill after due date
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Bill before due date
Explanation
Bill at sight
The purpose of accommodation bill is :
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To finance actual purchase
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When both parties are in need of funds
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To facilitate trade transmission
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None
Explanation
When both parties are in need of funds
It is a period of time after which a bill becomes payable?
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Grace days
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Maturity
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Usance
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Tenor
Explanation
Tenor
If the drawer is in need of money and cannot wait till due date and receive the money form bank is called?
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Endorsement of bill
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Discounting of bill
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Retirement of bill
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Dishonor of bill
Explanation
Discounting of bill
In case if endorsement of bill the endorser debits?
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Creditor account
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Cash account
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Bill receivable account
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Bill payable account
Explanation
Creditor account
Which of the following is not true?
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There is no difference in appearance between trade and accommodation bill
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A bill of exchange must be accepted
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Drawee is maker of a bill
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Accommodation bill is for an imaginary transaction
Explanation
Drawee is maker of a bill
When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?
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Honored bill
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Dishonored bill
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Retired bill
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Endorsed bill
Explanation
Dishonored bill
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