CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Bills Of Exchange Quiz 8 - MCQExams.com

______ is a person to whom the amount on a bill is payable.
  • Drawer
  • Drawee
  • Payee
  • Endorser
On $$18.2.2019$$ A draws a bill on $$B$$ for $$Rs. 1,25,000$$. $$B$$ accepted the bill on $$21.2.2019$$. The bill is drawn for $$30$$ days after sight. The maturity date of the bill will be : ________.
  • $$24.3.2019$$
  • $$23.3.2019$$
  • $$26.3.2019$$
  • $$21.3.2019$$
Which of the given below sentence is proper as to considered to be written in negotiable instruments _____________________.
  • I Promise to pay Mr.B or order Rs. 500
  • Mr. B I. O(owe) you Rs.500
  • I am liable to pay you Rs.500
  • None of the above

Mr.Ajay draws a bill on Mr.Vijay on 1st August, 2018 for Rs. 50,000 for 3 months payable after sight. The bill was accepted on 8th August,11th November was a sudden Holiday. Calculate due date in the above case?
  • 8th November, 2018
  • 11th November, 2018
  • 1st November, 2018
  • 12th November, 2018
State whether the following statements are True and False.
Drawee can transfer the ownership of the bill.
  • True
  • False
On 1st January, 2018 Mr.Ram draws a bill on Mr.Ravan for Rs. 20,000 for 3 months payable after date. Calculate due date in this case.
  • 1st April, 2018
  • 31st March, 2018
  • 4th April, 2018
  • 30th April, 2018
The following steps are normally taken in an import trade:
Indent and letter of credit 
Ship's report
Delivery and customs formalities
Exchange and bills of exchange 
Correct sequence of these steps is
  • 1, 4, 2, 3
  • 4, 1, 2, 3
  • 4, 1, 3, 2
  • 1, 4, 3, 2
A Promissory Note or Bill of Exchange can be made payable ___________.
  • On demand
  • On a specified date
  • After a specified period - months or days
  • All of the above
What is a bill of exchange?
  • It is an instrument written or oral, containing an unconditional undertaking signed by the maker to pay certain sum of money to the bearer.
  • It is an instrument in writing containing a conditional undertaking signed by the maker to pay certain sum of money to the bearer.
  • It is an instrument in writing containing an unconditional undertaking signed by the maker to pay certain sum of money to the bearer.
  • It is an instrument in writing containing an unconditional order signed by the maker to pay certain sum of money to the bearer
Mr.Lava draws a bill on Mr.Kusha on 1st April, 2018 for Rs. 30,000 for 3 months payable after sight. The bill was accepted on 7th April,Calculate due date for the above bill?
  • 7th July, 2018
  • 4th July, 2018
  • 1st July, 2018
  • 10th July, 2018
If the bill of exchange of one month's duration is accepted on 23rd December its maturity date will be ____________.
  • 23rd January
  • 24th January
  • 26th January
  • 25th January
Bills receivable endorsed are debited to _______ account.
  • Debtor's 
  • Creditor's 
  • Bills payable 
  • Bills receivable 
If the bill falls due for payment on 15th August, then the payment must be made on ____________ January.
  • 14th August
  • 15th August
  • !6th August
  • 18th August
If the bill of exchange of two month's duration is accepted on 15th September its maturity date will be __________.
  • 15th November
  • 18th November
  • 19th November
  • 16th November
A one month bill drawn and accepted on 31st January, will become due on ___________.
  • 28th Feb
  • 29th Feb
  • 1st March
  • 3rd March
Commercial paper is a type of ___________________.
  • Fixed coupon Bond
  • Unsecured, short-term debt
  • Equity share capital
  • Government Bond
At the time of endorsement of a bill, the drawer credits ___________________.
  • The drawee
  • Endorse personal account
  • Bills receivable account
  • Bills for collection account
If payment is made on the average due date it results in ________________.
  • Loss of interest to the creditor
  • Loss of interest to the debtor
  • No loss of interest to either of them
  • Loss of interest to both the creditor and debtor
A person named in the negotiable instrument to whom or to whose order the money in the instrument is directed to be paid is called as the __________.
  • Pqayer
  • Payee
  • Consignor
  • Consignee
If the bill of exchange of two month's duration is accepted on 13th June its maturity date will be ____________.
  • 13th August
  • 14th August
  • 15th August
  • 16th August
If the bill is drawn on 3rd July and the duration of bill is 40days, the due date of bill will be ________________.
  • 15th Aug
  • 16th Aug
  • 13th Aug
  • 14th Aug
Which of the following is not a correct statement ?
  • A bill given to a creditor is called Bill Payable
  • Del-Credere commission is normally calculated o total sales
  • Discount at the time of retirement of a Bill is a given for the drawee
  • The owner of a shop feels that he has made a loss due to closing stock being zero
_________ can be a payee also.
  • Drawee
  • Drawer
  • Debtor
  • None of the above
If the bill is drawn on 14th May and the duration of bill is 90days, the due date of bill will be ________________.
  • 14th August
  • 15th August
  • 16th August
  • 17th August
Which of these accounts is debited by a drawee of a bill of exchange on its discounting?
  • Bills Receivable
  • Cash
  • Discount
  • None of the above
S a resident of Haridwar draw a bill of exchange of $$Rs. 5000$$ upon Y payable in Rishikesh. This is a ___________.
  • foreign bill
  • inchoate bill
  • inland
  • accommodation bill
If tenure of bill is 90days ,accepted on 23rd Dec 1991 its due date will be _____________.
  • 23rd March 1992
  • 24th March 1992
  • 25th March 1992
  • 26th March 1992
Which of the following is a Foreign Bill?
  • A bill of exchange drawn outside India and payable outside India
  • A bill of exchange drawn outside India and payable in India
  • A bill of exchange drawn outside India on a person resident outside India
  • All of  the above
S a resident of Sydney draw a bill of exchange of $$Rs. 5000$$ upon Y payable in Tokyo. This is a __________.
  • Inland bill
  • Inchoate bill
  • Foreign bill
  • Accommodation bill
Writing a person's name on the face or the back of the bill for transferring his right to another.
  • Endorsement of bill
  • Discounting of bill
  • Dishonouring of bill
  • Renewal of bill
0:0:1


Answered Not Answered Not Visited Correct : 0 Incorrect : 0

Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers