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Commerce
Bill Of Exchange
Quiz 1
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Q.1
When a drawer discounts the bill, he gets?
Less than face value
More than face value
Equal to face value
None of above
Q.2
When the drawee signs the bill, it is considered as
Accepted
Endorsed
Retired
Renewed
Q.3
The Bills Receivable book is part of
Journal
Ledger
Trial balance
Balance sheet
Q.4
A draws a bill on B for ₹ 30,A wants to endorse it to C in settlement of ₹35,atdiscount with the help of B’s acceptance and balance in cash. How much cash A will pay to C?
(a) ₹ 4,300
(b) ₹4,000
(c) ₹ 4,100
(d) ₹ 5,000
Q.5
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
Q.6
Due date of a bill of exchange drawn on 30th January,for one month will be :
5 March
3 March
29 Feb
4 Mar
Q.7
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
Q.8
How many parties are involved in case of discounting of bill?
Two
Three
Four
None
Q.9
If Pankaj’s acceptance which was discounted from bank is dishonoured then the amount will be debited in our books
a. Pankaj
b. Bank
c. Bills Receivable account
d. None of the above
Q.10
If a firm usually receives a number of promissory / notes, it would be convenient to record the transaction in a separate book called .............. .
(a) Bills receivable Book
(b) Journal
(c) Purchase Book
(d) Sales Book.
Q.11
‘Bills payable discounted in cash by creditor’. In the books of drawee this transaction will be recorded in: -
(a) Journal
(b) Ledger
(c) Bank Book
(d) No Entry is required to be made.
Q.12
Ram says Shyam to pay particular sum of money to him. In this oral transaction negotiable instrument Act applied.
True
False
Q.13
States that powers not given to the Federal government or denied to the States, are powers reserved for the States (people).
10th Amendment
4th Amendment
6th Amendment
8th Amendment
Q.14
Ram makes a promise to pay Rs.20,to Mohan after 1 month through Promissory note (Negotiable instrument).
True
False
Q.15
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
Q.16
Noting charges are borne by
Drawee
Drawer
Holder of bill
Notary Public
Q.17
Liability for a discounted bill is a
Contingent liability
Current liability
Non-current Liability
None of the Above
Q.18
At the time of renewal of the bill interest is charged for the period of
Three month
Six Month
Original bill
Fresh bill
Q.19
A bill of exchange is order to Make payment by
a. Conditional
b. Unconditional
c. A & B both
d. None of the Above
Q.20
When rebate on a Bill allowed
On Renewal of a bill
On Dishonour of a bill
On Retirement of a bill
On Endorsement of a bill
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