A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

Related Mcqs:

1. X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?

   A. 4-4-2013
   B. 3-4-2013
   C. 1-4-2013
   D. 31-3-2013

2. A foreign bill of exchange is generally drawn up in___________?

   A. Triplicate
   B. Duplicate
   C. Single
   D. Quadruplicate

3. The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to

   A. Discounting of the bill with the bank
   B. Payment of the bill on due date
   C. Remitting or receiving the amount
   D. Sending the bill to bank for collection

4. How many parties are generally found in a Bill of Exchange?

   A. 4
   B. 2
   C. 3
   D. 5

5. In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?

   i. Debit Bills Receivable Account
   ii. Debit Drawee‘s Account
   iii. Credit Drawee‘s Account
   iv. Credit Sales Account

   A. Only (i) above
   B. Both (ii) and (iv) above
   C. Both (i) and (iii) above
   D. Both (i) and (iv) above

6. Which of these is not an essential feature of a bill of exchange?

   A. Unconditional
   B. Certainty of amount
   C. In writing
   D. Amount to be paid in foreign currency

7. Debts which are payable in the course of a month are called _____________?

   A. External liabilities
   B. Fixed liabilities
   C. Current liabilities
   D. Liquid Liabilities

8. The amount payable to a person as consideration for the use of rights vested in him is

   A. Dividend
   B. Royalty
   C. Purchase consideration
   D. Installment

9. Which of the following entries is correct in respect of reserve for discounts on accounts payable?

   A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
   B. Debit Accounts Payable A/c and Credit P&L A/c
   C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
   D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c

10. Computers taken on hire by a business for a period of twelve months should be classified as:___________?

    A. Current assets
    B. Intangible assets
    C. Deferred revenue expenditure
    D. Not an asset