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Bills Of Exchange (MCQs)
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Bills Of Exchange (MCQs)
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18 Questions

1. A four months bill drawn on 1st January, 2008 will mature for payment on -
2. A bill of Rs. 5,000 is discounted with the banker for RS. 4,750. The bill is dishonored at maturity. The drawee pays 60% of his acceptance. What is the amount of bad debts?
3. A Promissory note _____________ the acceptance
4. The Rebate on a bill shows that the bill -
5. A four months bill drawn on 1st January, 2008 will mature for payment on -
6. Bills of Exchange contains an unconditional ____________, and Promissory note contains an unconditional _________________.
7. Find the due date of a bill of exchange dated 9th December, 2007, payable after 45 days.
8. A bill of exchange cannot be -
9. Three days are added for ascertaining the date of maturity. These are known as days of-
10. Three days are added for ascertaining the date of maturity. These are known as days of-
11. If Rams acceptance which was endorsed by us in favor of Saleem is dishonored, then the amount will be debited in our books to -
12. At the time of renewal of a bill, _____________ account is debited in the books of the drawee.
13. Refusal by the acceptor to make payment of the bill on the maturity date is called __________.
14. A Promissory note _____________ the acceptance
15. The Rebate on a bill shows that the bill -
16. B has accepted the bill drawn on him by A. Which of the following statements is correct?
17. The party which is ordered to pay the amount is known as -
18. A bill accepted and given to a creditor is called ________.

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