This is third set on Bill of Exchange . After depreciation and ledger, here is another test for topic “Bill of Exchange” which is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque which is also 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 bills of exchange were a common means of exchange prior to the advent of paper currency.
Quick questions on Accountancy-Bills of Exchange-Part 3
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1. Question1 points
X draws a bill on Y for Rs. 3,000. X endorsed this bill to Z. Y will pay the bill amount to :CorrectIncorrect
2. Question1 points
Fees paid in cash to Notary Pubilc is charged by :CorrectIncorrect
3. Question1 points
The promissory note should be signed by :CorrectIncorrect
4. Question1 points
The purpose of accommodation bill is :CorrectIncorrect
5. Question1 points
If the due date is a public holiday, what will be the due date of the bill :CorrectIncorrect
6. Question1 points
Ram gets Mohan’s acceptance for Rs, 12,000 discounted at 2 months at 12 % p.a. The amount of discount will be :CorrectIncorrect
7. Question1 points
When the bill is to be produced to Notary Public:CorrectIncorrect
8. Question1 points
Which of the following istrument is not a negotiable instrument :CorrectIncorrect
9. Question1 points
A sold goods to B for Rs. 20,000. A will grant 5 % discount to B. B requested A to draw a bill. The amount of bill will be :CorrectIncorrect
10. Question1 points
Under which circumstance drawer and payee will be the same person :CorrectIncorrect