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

A negotiable instrument dated $$31st$$ January, $$2019$$, is made payable at one months after date. The instrument is at maturity on ___________.
  • $$31st\ January, 2019$$
  • $$28th\ February, 2019$$
  • $$3rd\ March, 2019$$
  • $$1st\ March, 2019$$
Find the amount of discounting charges (in Rs).
  • $$400$$
  • $$500$$
  • $$450$$
  • $$600$$
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
  • 8
  • 6
  • 15
  • 12
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
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?
  • $$\$ 9.63$$
  • $$\$ 10.28$$
  • $$\$ 10.63$$
  • $$\$ 10.87$$
  • $$\$ 11.87$$
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 ____________.
  • 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
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?
  • $$16$$ months
  • $$17$$ months
  • $$18$$ months
  • $$19$$ months
  • $$20$$ 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?
  • Rs 90
  • Rs 128
  • Rs 100
  • 18 cm
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 _____________.
  • Bills Receivable Account
  • Bank Account
  • B's Account
  • 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 ____________.
  • Forward method
  • Epoch method
  • Daily Balance Method
  • Backward Method
A bill which is not an inland bill is a ___________ bill.
  • Outward
  • Inward
  • Foreign
  • New
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
A bill drawn and accepted for a genuine trade transaction is termed as a(n)_________ bill.
  • Trade
  • Time
  • Inland
  • Personal
If a cheque sent for collection is dishonored, the debit is given to _________.
  • Suppliers Account
  • Bank Account
  • Customers Account
  • Cash Account
A bill of exchange payable after a certain period is known as __________ bill.
  • time
  • accommodation
  • revenue
  • dishonoured
When a bill is discharged, the acceptor debits __________.
  • Creditor's account
  • Cash account
  • Bills payable account
  • Bills receivable account
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
___________ days of grace are allowed in case of time bills for calculation date of maturity.
  • Five
  • Seven
  • Three
  • Two
At the time of the renewal of a bill, interest account is ____________ in the books of the drawee.
  • Credited
  • Totalled
  • Debited
  • 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? 
  • $$Rs\ 3500$$
  • $$Rs\ 4200$$
  • $$Rs\ 3950$$
  • $$Rs\ 3800 $$
Payment of bill on its due date is known as ________________.
  • Honouring of bill
  • Dishonouring of bill
  • Renewal of bill
  • Discounting of bill
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
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers