Bill of Exchange
The bills receivable book is a part of the:
Journal
Ledger
Trading account
Profit and loss account
Journal
Related posts
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
In case of bill of exchanges, every bill has to be accepted by the:
A. Drawer
B. Bank
C. Drawee
D. Agent
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
Leave a Reply