Bill of Exchange
In case of bill of exchanges, every bill has to be accepted by the:
Drawer
Bank
Drawee
Agent
Drawee
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When noting charges are paid at the time of dishonor of the bill, the drawee always debits:A. Noting charges account
B. Interest account
C. Discount account
D. Drawer’s account
When a bill is renewed, interest account is credited in the book of the:
A. Drawer
B. Drawee
C. Bank
D. Endorsee
The procedure by which a bill is transferred from one person to another person for the settlement of debts is called.
A. Retirement of the bill
B. Endorsement
C. Renewal
D. None of above
A contingent liability that will only arise if a certain event occurs, is called:
A. Contingent liability
B. Mutual liability
C. Future liability
D. None of above
The drawer always debits acceptor’s account for noting charges paid on:
A. Honor of a bill
B. Endorsement of a bill
C. Dishonor of a bill
D. None of above
Bill of exchange is a convenient method for the transfer of:
A. Cash
B. Goods
C. Debt
D. Investment
When an endorsed bill is dishonored endorsee’ or creditor’s account is in the books of the:
A. Bank
B. Drawee
C. Drawer
D. Agent
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