CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Bills Of Exchange Quiz 2 - MCQExams.com

A bill of exchange is drawn by a ________.
  • Creditor
  • Debtor
  • Shareholder
  • Debentureholder
A person who draws a bill of exchange is known as the ________.
  • drawee
  • drawer
  • payer
  • payee
When a loan will be NPA?
  • Interest and/ or loan instalments overdue for more than $$90$$ days
  • Accounts is out of order for more than $$90$$ days in case of overdraft/ cash credit
  • Bill remains overdue for more than $$90$$ days
  • All of the above
A person to whom the bill is endorsed is called _____________.
  • Seller
  • Buyer
  • Endorsee
  • Endorser
If the bill of exchange of two month's duration is accepted on 23rd November 1985 its maturity date will be ____________.
  • 23rd Jan 1986
  • 23rd. Jan 1987
  • 25th Jan 1986
  • 25th Jan 1987
A person who endorses a bill is called an _____________.
  • Endorser
  • Endorsee
  • Drawer
  • Drawee
The person in whose favor a bill is endorsed is known as _______.
  • Drawer
  • Endorser
  • Endorsee
  • Payee
A bill drawn and accepted on 23rd November 1994 for 2 months will be due for payment on _______________.
  • 23rd Jan 1994
  • 23rd Jan 1995
  • 25th Jan 1995
  • 26th Jan 1995
The drawee becomes an _________________ on acceptance of bill.
  • Debtor
  • Acceptor
  • Creditor
  • Endorser
If the bill falls due for payment on 26th January, then the payment must be made on ____________ January.
  • 25th
  • 26th
  • 27th
  • 24th
The party who is ordered to pay the amount of bill is known as _______.
  • Drawee
  • Drawer
  • Payee
  • Endorser
Bill of exchange can be discounted with the ______________.
  • Bank
  • Money lender
  • Agent
  • Broker
Before accepting a bill it is called as __________.
  • Bill of exchange
  • Credit bill
  • Cash memo
  • Draft
The person who transfers the ownership of bill.
  • Endorser
  • Endorsee
  • Drawer
  • Payee
A person on whom the bill of exchange is drawn is called as ________.
  • Drawer
  • Drawee
  • Payee
  • Endorser
If the bill of exchange for four month's duration is accepted on 23rd September 2013  its maturity date will be __________.
  • 24th Jan 2013
  • 26th December 2013
  • 25th January 2014
  • 27th January 2014
A person who accepts bill is called ____________.
  • Drawer
  • Drawee
  • Acceptor
  • Both B and C
Encashment of bill before due date ________________.
  • Retirement of bill
  • Discounting of bill
  • Honouring of bill
  • Endorsing of bill
A person to whom payment is made on due date is ___________.
  • Purchaser
  • Drawee
  • Payee
  • Bank
If the bill of exchange of two month's duration is accepted on 12th June 1995 its maturity date will be ____________.
  • 14th August 1995
  • 13th August 1995
  • 16th august 1995
  • 15th August 1995
There are _______parties in bills of exchange.
  • One
  • Two
  • Three
  • Four
A person in whose favor the bill is drawn is called ___________.
  • Drawer
  • Drawee
  • Payee
  • Bank
If a bill of exchange of one month duration is accepted on 12th July 2001 its maturity date will be ____________.
  • 12th August 2001
  • 13th August 2001
  • 15th August 2001
  • 14th August 2001
A bill of exchange is drawn by the creditor.
  • True
  • False
Transfer of title of the bill from debtor to creditor.
  • Bills of exchange
  • Endorsement
  • Discounting
  • Honouring
A bill of exchange must be accepted by the payee.
  • True
  • False
Bill of exchange drawn in any Indian language.
  • Bills of Exchange
  • Receipt
  • Memo
  • Hundies
Which of the following statements is / are true?
  • Bill of exchange is a non-negotiable instrument
  • Bill of lading is a receipt issued by shipping company acknowledging receipt of goods
  • Marine insurance policy does not cover the loss / damage caused by delay
  • Both (A) and (B) above
  • Both (B) and (C) above
A letter of credit is
  • A short-term credit by a bank to an importer
  • A guarantee to honour the bills of an exporter drawn within stipulated term
  • A guarantee by a bank to discount all the bills of an exporter
  • A short-term credit by the bank to an exporter against a confirmed order
  • Both (B) and (C) above
A person who endorses a bill.
  • Endorsee
  • Endorser
  • Drawer
  • Drawee
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