A. Acceptance
B. Unconditional promise to pay
C. Properly stamped
D. Payment to be made legal currency
Related Mcqs:
- Which of the following is not a feature of a promissory note?
A. It must be in writing
B. It contains an unconditional promise to pay
C. It is payable to the bearer
D. It must be signed by the maker - Debit note is the basis for recording a transaction in which of the following journals?
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal - Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
A. Purchase journal
B. Sales return journal
C. General journal
D. Cash receipt journal - Credit memo or credit note No. is entered in which of the following journal?
A. General journal
B. Cash journal
C. Purchase journal
D. Sales return day book - Which of these documents is not required for Bank Reconciliation?
A. Bank column of Cash Book
B. Bank Pass Book
C. Bank Statement
D. Trial Balance - reduction in price is called:
A. Paid price
B. Invoice price
C. Book price
D. Discount - Which of the following is true about a trial balance?
A. It lists down the balances of accounts
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycle - Which of the following is the external user of financial statements?
A. Manager of the business
B. CEO of the business
C. Creditor of the business
D. Controller of the business - The normal balance of liability account is____________?
A. Debit balance
B. Credit balance
C. Cash balance
D. Neither debit nor credit balance - 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
