CBSE Questions for Class 11 Commerce Accountancy Bill Of Exchange Quiz 3 - MCQExams.com

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
If the bill falls due for payment on 26th January, then the payment must be made on ____________ January.
  • 25th
  • 26th
  • 27th
  • 24th
The drawee becomes an _________________ on acceptance of bill.
  • Debtor
  • Acceptor
  • Creditor
  • Endorser
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
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
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
When an amount is paid before maturity the bill is said to be ______.
  • Hnoured
  • Dishonoured
  • Retired
  • Discounted
There are _______parties in bills of exchange.
  • One
  • Two
  • Three
  • Four
____________ means payment of  bill before due date.
  • Retirement of bill
  • Renewal of bill
  • Endorsement of bill
  • Discounting of bill
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
The person who transfers the ownership of bill.
  • Endorser
  • Endorsee
  • Drawer
  • Payee
Transfer of title of the bill from debtor to creditor.
  • Bills of exchange
  • Endorsement
  • Discounting
  • Honouring
________ is the person who makes or draws the promissory note.
  • Maker
  • Drawee
  • Payee
  • None
  • None of the above
__________________ means cancellation of old bill and drawing a new bill.
  • Dishonour of bill
  • Honouring of bill
  • Retirement of bill
  • Renewal of bill
X draws a bill of exchange of $$Rs. 5,000$$ on B for $$4$$ months on $$15th\ February$$. The due date of the bill is ________.
  • $$19th\ June$$
  • $$18th\ June$$
  • $$17th\ June$$
  • $$15th\ June$$
The person on whose favor a bill is endorsed is called as _______.
  • Endorser
  • Endorsee
  • Drawer
  • Drawee
Noting charges is borne by _______.
  • Drawee
  • Drawer
  • Endorser
  • None
when bill is dishonored  ___________ account is Debited along with Bill payable A/c for recording noting charges.
  • Noting Charges A/c
  • Cash A/c
  • Drawer A/c
  • None
Which of the following is not correct ?
  • Discount on bills discounted is treated as financial expense and is debited to P and L Account.
  • For unsold stock lying with the consignee, no entry is made in his books.
  • Loss of stock is said to be abnormal when such loss is natural and is due to inherent characteristics of the commodities.
  • The abnormal loss on consignment is credited to Consignment Account.
When Bill is Dishonored ___________ is Debited in drawers books.
  • Drawee A/c
  • Endorse A/c
  • Bank for Collection A/c
  • Bill Receivable A/c
Drawee or payee in whose favor the promissory note is drawn is also called as________.
  • Promisee
  • Promisor
  • Creditor
  • Debtor
On due date when Drawee Fails to make the payment of the bill _____________.
  • Bill is Honored
  • Bill is Dishonored
  • Bill is cancelled
  • None of the above
A bill of Rs 23000 dishonoured and noting charges paid by Drawer is Rs. 100 than Drawee's A/c will be Debited for Rs. __________.
  • 23100
  • 23000
  • 100
  • none
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