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

Related Mcqs:

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

   A. 30th June,2018
   B. 1st July,2018
   C. 4th July,2018
   D. 4th August,2018

2. 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

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

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

4. 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

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. When bill discounted with the bank is dishonored?

   A. Acceptor‘s Account is debited in the books of drawer
   B. Bills Receivable Account is credited in the books of drawer
   C. Bank Account is debited in the books of drawer
   D. Bills Payable Account is debited in the books of drawer

8. The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by

   A. The drawer of the bill
   B. The person responsible for dishonour
   C. The holder of the bill
   D. The endorser of the bill

9. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

10. Generally the term fund is used to mean the difference between?

    A. Current assets and current liabilities
    B. Profit and loss A/C and Balance sheet
    C. Current assets and non-current liabilities
    D. Current liabilities and non-current liabilities