CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Bills Of Exchange Quiz 1 - MCQExams.com

Bills Receivable discounted but not due till the date of final account is shown in:
  • P & L A/c
  • Assets
  • Liabilities
  • Footnotes (contingent liabilities)
The person who draws the bill is known as  ____________ .
  • Drawer
  • Drawee
  • Endorser
  • Endorsee
To whom of the following, payment of the amount due on a promissory note, bill of exchange or cheque must be made in order to discharge the maker or accept or ________________.
  • Holder of the instrument
  • Indorser of the instrument
  • Indorsee of the instrument
  • None of the above
On 1.3.2006 X draws a bill on Y for 3 months for Rs20,On 4.5.2006, Y pays the bill to X at 12% discount. The amount of discount will be __________.
  • Rs. 200
  • Rs. 400
  • Rs. 600
  • Rs. 100
Which of the following statements is true?
  • Creditors can draw a bill on debtors
  • Debtors can draw a bill on creditors
  • Bank will draw a bill on customer at the time of overdraft
  • One can draw the bill on another under any circumstance.
Goods of the invoice value Rs. 2,40,000 sent out to consignee at 20% profit oncost. The loading amount will be:
  • Rs. 40,000
  • Rs. 48,000
  • Rs.50,000
  • None
The party which is ordered to pay the amount is known as __________.
  • Payee
  • Drawer
  • Drawee
  • Endorsee
If a bill is drawn on 28th January 1996 for 1 month, it will mature on _______________.
  • 1st March 1996
  • 2nd March 1996
  • 3rd March 1996
  • 31st March 1996
The rebate on a bill shows that it has been ____________.
  • paid before the date of maturity
  • paid after the date of maturity
  • been dishonoured
  • endorsed
Which account is debited by a drawee of a bill of exchange on its endorsement?
  • Bills Payable
  • Bills Receivable
  • Drawer
  • None of the above
Everything mentioned below is required to make the endorsement complete EXCEPT:
  • The holder signs on the face or back of the instrument
  • The instrument is delivered to the endorsee
  • It is sighed and delivered with intention of vesting of the endorsee with the rights of the holder
  • It is sighed and delivered with intention of vesting the endorsee with the duties of the holder
In case a cheque is dishonored than a drawer is liable to a punishment of
  • $$2$$ years imprisonment
  • The case is decided as per court
  • Fine which may exceed to twice the amount of the cheque
  • Both a & c
A negotiable instrument dated $$31st$$ January, $$2019$$, is made payable at one months after date. The instrument is at maturity on ___________.
  • $$31st\ January, 2019$$
  • $$28th\ February, 2019$$
  • $$3rd\ March, 2019$$
  • $$1st\ March, 2019$$
The account current method in which the days are calculated from the date of transaction to the commencement date is known as ____________.
  • Forward method
  • Epoch method
  • Daily Balance Method
  • Backward Method
When the holder of the bill discounts the bill, he shall debit ____________.
  • Bank Account
  • Bills receivable Account
  • Acceptor's Account
  • Cash Account
Base date is otherwise called as _________.
  • Zero date
  • Leave date
  • Working days
  • Grace days
When a bill is drawn by A on B, it is debited in the books of A to ___________.
  • Cash Account
  • B's Account
  • Bills Receivable Account
  • Bills Payable Account
When a bill drawn by A on B, is endorsed to C, later which was dishonoured on the due date, it is credited in the books of A to ____________.
  • Bank account
  • Bills receivable account
  • Bank for collection of bills account
  • C's account
When a bill drawn by A on B and retained till the date of maturity is dishonored on the due date, it is debited in the books of  A to ____________.
  • Bills receivable account
  • B's account
  • Bills payable account
  • Cash account
Bills are drawn by ___________.
  • Creditors
  • Debtors
  • Agent
  • Brokers
A bill of exchange payable after a certain period is known as __________ bill.
  • time
  • accommodation
  • revenue
  • dishonoured
Average due date can be called as ________.
  • Mean due date
  • Median due date
  • Mode due date
  • Zero date
Cancelling the original bill and drawing a fresh acceptance is known as __________.
  • Retiring under rebate
  • Renewal
  • Discounting
  • Bill sent to bank for collection
Bill of exchange is sometimes known as ____________.
  • Near money
  • Transferable assets
  • Claims receivable
  • A post dated cheque
While preparing P/L account, rebate on bills discounted to be provided shall be deducted from discount received is ________.
  • Schedule 16
  • Schedule 15
  • Schedule 14
  • Schedule 13
In India, Commercial Papers are issued as per the guidelines issued by ______________.
  • Securities and Exchange Board of India
  • Reserve Bank of India
  • Forward Market Commission
  • None of the above
A bill which is not an inland bill is a ___________ bill.
  • Outward
  • Inward
  • Foreign
  • New
___________ days of grace are allowed in case of time bills for calculation date of maturity.
  • Five
  • Seven
  • Three
  • Two
Rebate on bills discounted is also called_____.
  • Unexpired discount
  • Earned discount
  • Expired discount
  • Received discount
A bill drawn and accepted for a genuine trade transaction is termed as a(n)_________ bill.
  • Trade
  • Time
  • Inland
  • Personal
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers