Bill Of Exchange CBSE Questions & Answers

Bill Of Exchange

This is Accountancy Class 11 Bill of Exchange CBSE Questions & Answers. There are 15 questions in this test with each question having around four answer choices.

Questions & Answers

1
If the due date is public holiday what will be the due date of the bill
  • A
    Preceding day
    Correct
  • B
    Following day
  • C
    The same day
  • D
    After two days
2
Fee paid in cash to Notary Public is charged by
  • A
    Holder of bill of exchange
    Correct
  • B
    Drawee
  • C
    Drawer
  • D
    None
3
Kamal draws a bill on Sahil for Rs.3000.Kamal endorsed it to Rohan. Rohan endorsed it to Rakesh.The payee of the bill will be
  • A
    Kamal
  • B
    Rakesh
    Correct
  • C
    Sahil
  • D
    Rohan
4
Noting charges are paid by the ___ but these are recordable from the ____
  • A
    Drawer, Drawer
  • B
    Drawer, Drawee
  • C
    Drawee, Drawer
    Correct
  • D
    Drawee, Drawee
5
Person to whom the bill is endorsed called ____
  • A
    Endorsement
  • B
    Endorser
    Correct
  • C
    Endorsee
  • D
    None
6
What are the parties to a bill of exchange
  • A
    Drawee, Drawer, Payee
    Correct
  • B
    Drawee, Drawer, Debtor
  • C
    Payer, Drawee, Drawer
  • D
    Drawee, Drawer, Creditor
7
Which bill is not allowed 3 days of grace
  • A
    Bill at the time of due date
  • B
    Bill at sight
    Correct
  • C
    Bill after due date
  • D
    Bill before due date
8
The purpose of accommodation bill is :
  • A
    To finance actual purchase
  • B
    When both parties are in need of funds
    Correct
  • C
    To facilitate trade transmission
  • D
    None
9
On dishonor of a discounted bill whom does the bank look for payment
  • A
    Drawer
    Correct
  • B
    Drawer
  • C
    Endorser
  • D
    Payee
10
The act for signing by the drawer on the book of the instruments for the purpose of transfer
  • A
    Acceptance of bill
  • B
    Cheque
  • C
    Endorsement
    Correct
  • D
    Bill
11
Which balance is shown by a B/R Book
  • A
    Credit
  • B
    None
  • C
    Both
  • D
    Debit
    Correct
12
On whom the trade bill drawn
  • A
    Seller
  • B
    Creditor
  • C
    Debtor
    Correct
  • D
    Owner
13
The party who is entitled to receive the cash of a bill receivable is called
  • A
    Drawer
    Correct
  • B
    Drawee
  • C
    Capitalist
  • D
    Bank
14
Discounting Charges =
  • A
    Amount of Bill Discounted ×Rate × Unexpired Period
    Correct
  • B
    Amount of Bill Discounted ×Rate /Unexpired Period
  • C
    Amount of Bill Discounted ×Rate +Unexpired Period
  • D
    Amount of Bill Discounted +Rate × Unexpired Period
15
According to Negotiable Instrument Act, 1881, which of the following refers to “an instrument in writing (not being a bank note or a currency note) containing unconditional undertaking, signed by the maker to pay on demand or at a fixed or determinable future time a certain sum of money only to or to the order of a certain person, or to the bearer of the instrument”?
  • A
    Promissory note
  • B
    Bearer debentures
  • C
    Cheque
  • D
    Bill of exchange
    Correct