MCQ Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 2

A negotiable instrument dated

$31st$ January,

$2019$ , is made payable at one months after date. The instrument is at maturity on ___________.

0%
$31st\ January, 2019$
0%
$28th\ February, 2019$
0%
$3rd\ March, 2019$
0%
$1st\ March, 2019$

Explanation

One month after date of

$31st\ January, 2019$ is

$28th\ Feb, 2019 + 3$ grace days; hence date of maturity

$3rd\ March, 2019$ .

Find the amount of discounting charges (in Rs).

0%
$400$
0%
$500$
0%
$450$
0%
$600$

Explanation

Discounting Charges = Amount of Bill Discounted

$\times \frac{Rate}{100} \times$ Unexpired Period
=

$3000 \times \dfrac {9 \times 2}{100}$ = Rs.

$450$

Ram ordered 6 black toys and some additional brown toys. The price of a black toy is

$\displaystyle 2\frac{1}{2}$ times that of a brown toy While preparing the bill the clerk interchanged the number of black toys with the number of brown toys which increased the bill by 45% The number of brown toys is

0%
8
0%
6
0%
15
0%
12

Explanation

$\Rightarrow$ Assume that the price of 1 brown toy

$=$ Rs.

$100$

$\Rightarrow$ So, the price of 1 black toy

$=$ Rs.

$250$

$\Rightarrow$ Assume that the number of brown toys be

$x$

$\Rightarrow$ Actual price of all the toys

$=6\times 250+x\times 100=1500+100x$

$\Rightarrow$ Faculty price of all the toys

$=x\times250+6\times 100=600+250x$

$\Rightarrow$ Given that,

$\Rightarrow$

$600+250x=\dfrac{145}{100} \times (1500+100x)$

$\Rightarrow$ By solving, we get

$\Rightarrow$

$x=15$

$\therefore$ The number of brown toys are

$15$ .

When a bill is drawn by A on B, it is debited in the books of A to ___________.

0%
Cash Account
0%
B's Account
0%
Bills Receivable Account
0%
Bills Payable Account

Jerry goes to the grocery store and spends

$\$ 2.25$ for milk,

$\$ 3.59$ for oranges, and

$\$ 3.29$ for eggs. If he gives the cashier a

$\$ 20$ bill, what will his change be?

0%
$\$ 9.63$
0%
$\$ 10.28$
0%
$\$ 10.63$
0%
$\$ 10.87$
0%
$\$ 11.87$

Explanation

Jerrry takes

$\$2.25$ for milk,

$\$3.59$ for oranges,

$\$3.29$ for eggs.

Total amount for the products bought

$= $ 2.25 + $ 3.59 + $ 3.29 = $ 9.13$

He gave

$\$20$ bill to the cashier.
Thus, changed received

$= $ 20 - $ 9.13 = $ 10.87$

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 ____________.

0%
Bank account
0%
Bills receivable account
0%
Bank for collection of bills account
0%
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 ____________.

0%
Bills receivable account
0%
B's account
0%
Bills payable account
0%
Cash account

Bills are drawn by ___________.

0%
Creditors
0%
Debtors
0%
Agent
0%
Brokers

Susan buys a used car for

$\$ 6, 500$ and finances it by making monthly payments of

$\$ 325$ . How long will take her to pay for the car?

0%
$16$ months
0%
$17$ months
0%
$18$ months
0%
$19$ months
0%
$20$ months

Explanation

Car is for Rs.

$6,500$ and he makes monthly payments of Rs.

$325$ .

Therefore, number of months taken to pay for the car

$= \dfrac { 6,500}{325} = 20$ months.

Ashok spends 1/8 of the money for mangoes and 1/7 of the remaining money for sweets and then with the left over money, he goes to a bakery and spends 1/6 of the money to buy bread for his father and with the remaining money, he spends 1/5 and buys flowers for his sister and from the amount left over, he buys a cricket ball by spending 1/4 ofthe amount. Now, he is left with Rs48, How much money Ashok had at the beginning?

0%
Rs 90
0%
Rs 128
0%
Rs 100
0%
18 cm

Explanation

$\\ Let\quad the\quad total\quad money\quad be\quad x.\\ x\times \dfrac { 7 }{ 8 } \times\dfrac { 6 }{ 7 } \times \dfrac { 5 }{ 6 } \times \dfrac { 4 }{ 5 } \times \dfrac { 3 }{ 4 } =48\\ \dfrac { 3 }{ 8 } x=48\\ x=128\\$

When a bill is drawn by A on B, and before the maturity date, B becomes insolvent then in the books of A it is debited to _____________.

0%
Bills Receivable Account
0%
Bank Account
0%
B's Account
0%
Bank for Collection of Bills

The account current method in which the days are calculated from the date of transaction to the commencement date is known as ____________.

0%
Forward method
0%
Epoch method
0%
Daily Balance Method
0%
Backward Method

A bill which is not an inland bill is a ___________ bill.

0%
Outward
0%
Inward
0%
Foreign
0%
New

When the holder of the bill discounts the bill, he shall debit ____________.

0%
Bank Account
0%
Bills receivable Account
0%
Acceptor's Account
0%
Cash Account

Base date is otherwise called as _________.

0%
Zero date
0%
Leave date
0%
Working days
0%
Grace days

A bill drawn and accepted for a genuine trade transaction is termed as a(n)_________ bill.

0%
Trade
0%
Time
0%
Inland
0%
Personal

If a cheque sent for collection is dishonored, the debit is given to _________.

0%
Suppliers Account
0%
Bank Account
0%
Customers Account
0%
Cash Account

A bill of exchange payable after a certain period is known as __________ bill.

0%
time
0%
accommodation
0%
revenue
0%
dishonoured

When a bill is discharged, the acceptor debits __________.

0%
Creditor's account
0%
Cash account
0%
Bills payable account
0%
Bills receivable account

Average due date can be called as ________.

0%
Mean due date
0%
Median due date
0%
Mode due date
0%
Zero date

Cancelling the original bill and drawing a fresh acceptance is known as __________.

0%
Retiring under rebate
0%
Renewal
0%
Discounting
0%
Bill sent to bank for collection

Bill of exchange is sometimes known as ____________.

0%
Near money
0%
Transferable assets
0%
Claims receivable
0%
A post dated cheque

While preparing P/L account, rebate on bills discounted to be provided shall be deducted from discount received is ________.

0%
Schedule 16
0%
Schedule 15
0%
Schedule 14
0%
Schedule 13

In India, Commercial Papers are issued as per the guidelines issued by ______________.

0%
Securities and Exchange Board of India
0%
Reserve Bank of India
0%
Forward Market Commission
0%
None of the above

___________ days of grace are allowed in case of time bills for calculation date of maturity.

0%
Five
0%
Seven
0%
Three
0%
Two

At the time of the renewal of a bill, interest account is ____________ in the books of the drawee.

0%
Credited
0%
Totalled
0%
Debited
0%
Posted

A vendor supplies

$105$ liters of milk to a hotel in the morning and

$85$ liters of milk in the evening. If the milk costs

$20$ per liter, how much money is due to the vendor per day?

0%
$Rs\ 3500$
0%
$Rs\ 4200$
0%
$Rs\ 3950$
0%
$Rs\ 3800$

Explanation

Quantity of milk supplied in the morning

$= 105 L$
Quantity of milk supplied in the evening

$= 85 L$

$\therefore$ Quantity of milk supplied in one day

$= 105 + 85 = 190 L$
Cost of one-liter milk

$=20$

$\therefore$ Cost of 90 L = (20 x 190) = 3800

Payment of bill on its due date is known as ________________.

0%
Honouring of bill
0%
Dishonouring of bill
0%
Renewal of bill
0%
Discounting of bill

If the bill of exchange of two month's duration is accepted on 23rd November 1985 its maturity date will be ____________.

0%
23rd Jan 1986
0%
23rd. Jan 1987
0%
25th Jan 1986
0%
25th Jan 1987

A person who endorses a bill is called an _____________.

0%
Endorser
0%
Endorsee
0%
Drawer
0%
Drawee

CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 2 - MCQExams.com

In the books of Acceptor

0:0:1

Practice Class 11 Commerce Accountancy Quiz Questions and Answers

CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 2 - MCQExams.com

In the books of Acceptor

0:0:1

Practice Class 11 Commerce Accountancy Quiz Questions and Answers

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