Bills of Exchange-Test 6

Bills of Exchange are covered under

Drawee means a person who

A person who accepts the bill

A bill before acceptance.

A person to whom the bill is endorsed.

The parties to a Bill of Exchange are

When the invoice/bill is made payable at a stated number of days after date then the due date is

What types of account is a Bill receivable A/c

Usually the term of the bill does not exceed

Officer appointed by the Government for noting of dishonored bill

Who signs a Bill of Exchange ?

What do you mean by ‘term of bill’ ?

To whom will the amount be payable in case of a Bearer Bill of Exchange ?

Discounting means

How many parties are usually found in the case of a bill of exchange ?

Retirement of bill means

Which of these is not an essential requirement of a valid promissory notes ?

Accommodation bills are written for which of these purposes

In which of these ways a bill of exchange cannot be disposed of ?

which of these statements is true about a Promissory note ?

Which of these is not an essential condition for a holder of a bill of exchange to become a holder in due course ?

When the payment is made on due date then

At the time of retirement of a bill, the acceptor debits

Which of these is/are not an essential requirement of a valid promissory note ?

What is the accounting entry passed, in the Endorsee’s books, when the endorsed bills dishonoured ?

What is the accounting entry passed, in the Drawer’s books, when the discounted bill is dishonoured ?

The person ordering payment is called ____________.

The person promising to make payment is called ______.

There is no difference in accounting treatment of _______ and accommodation bill.

Bill of Exchange can be discounted with the _________.