Daily Quiz on Bills of Exchange

1. Promise to pay is included in a bill of exchange.

• TRUE

• FALSE

1. Discount at the time of retirement of a bill is a gain for the drawee.

• TRUE

• FALSE

1. Bills payable account is a nominal account.

• TRUE

• FALSE

1. Foreign bill is drawn in the country and payable outside the country.

• TRUE

• FALSE

1. Days of rebate are added to the due date to arrive at the maturity date.

• TRUE

• FALSE

1. A bill given to a creditor is called bills payable.

• TRUE

• FALSE

1. Promissory note is different from bill of exchange because the amount is paid by the maker in case of former and by the acceptor in the later.

• TRUE

• FALSE

1. A has drawn a bill on B. B accepts the same and endorses the bill to C.

• TRUE

• FALSE