WorksheetsBILL OF EXCHANGE
Total questions: 10
Worksheet time: 2mins
The acceptor of bill of exchange is called:
Drawee
Drawer
Payee
Endorsee
Bills Receivable Book is a part of
Journal
Ledger
Trading Account
Profit & Loss Account
A bill of exchange is an?
A promise
Unconditional order
A request
A person who writes out the order to pay is called?
Drawer
Acceptor
Payee
Drawee
How many parties are involved in case of discounting of bill?
Two
Three
One
Five
In case if endorsement of bill the endorser debits?
Creditor account
Cash account
Bill receivable account
Bill payable account
Which of the following is not true?
There is no difference in appearance between trade and accommodation bill
A bill of exchange must be accepted
Drawee is maker of a bill
Accommodation bill is for an imaginary transaction
When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?
Honored bill
Dishonored bill
Retired bill
Endorsed bill
The act of transferring the bill from one person to another is called:
Discounting
Acceptance
Retirement
Endorsement
On 1.12.05 X draw a bill on Y "for 30 days after sight". The date of acceptance is 8.12.05. The due date of the bill will be:
8.01.06
10.01.06
30.12.05
