AfterÂ depreciationÂ andÂ ledger, here is another test for topic “Bill of Exchange” Â which Â is a written order by theÂ drawerÂ to theÂ draweeÂ to pay money to theÂ payee. A common type of bill of exchange is theÂ cheque Â which is alsoÂ Â a bill of exchange drawn on a banker and payable on demand.Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. The Â bills of exchange were a common means of exchange prior to the advent of paper currency.Â
Quick 10 questions on Â Accountancy-Bills of Exchange-Part 2
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