| 1 |
When an acceptor refuses to pay the amount of bill to the holder on its maturity date it is called |
- A. Honoured Bill
- B. Retired Bill
- C. Dishonoured Bill
- D. Endorsed Bill
|
| 2 |
When a drawer discounts a bill, he debits |
- A. Bank Account
- B. Interest Account
- C. Drawee Account
- D. Bill Receivable Account
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| 3 |
The person to whom bill is transferred will become |
- A. Endorser
- B. Creditor
- C. Debtor
- D. Endorsee
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| 4 |
A bank reconciliation statement is prepared by: |
- A. banker
- B. Accountant of the business
- C. Statutory auditors
- D. Rigistar
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| 5 |
A bill from the point of view of a debtor is called |
- A. Bill Acceptable
- B. Bill Receivable
- C. Bill Payable
- D. None of these
|
| 6 |
A bill of exchange is a method of payment on |
- A. Cash Basis
- B. Credit Basis
- C. Reserve Basis
- D. Accommodation Basis
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| 7 |
Subsidiary books are called the book of: |
- A. Original entry
- B. Secondary entry
- C. Temporary entry
- D. Basic entry
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| 8 |
Nominal account are related to: |
- A. Assets and liabilities
- B. Expenses, losses and incomes
- C. Customers, creditors etc
- D. Capital account
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| 9 |
Bank for collection is a |
- A. Permanent Account
- B. Fixed Account
- C. Current Account
- D. Temporary Account
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| 10 |
Accommodation bills are drawn accepted and endorsed |
- A. Without any Consideration
- B. for some Consideration
- C. for Quarter Consideration
- D. none of the above
|