BILL OF EXCHANGE

The acceptor of bill of exchange is called:

• Drawee

• Drawer

• Payee

• Endorsee

Bills Receivable Book is a part of

• Journal

• Ledger

• Trading Account

• Profit & Loss Account

A bill of exchange is an?

• A promise

• Unconditional order

• A request

A person who writes out the order to pay is called?

• Drawer

• Acceptor

• Payee

• Drawee

How many parties are involved in case of discounting of bill?

• Two

• Three

• One

• Five

In case if endorsement of bill the endorser debits?

• Creditor account

• Cash account

• Bill receivable account

• Bill payable account

Which of the following is not true?

• There is no difference in appearance between trade and accommodation bill

• A bill of exchange must be accepted

• Drawee is maker of a bill

• Accommodation bill is for an imaginary transaction

When an acceptor refuses to pay the amount of bill to the holder of bill on its maturity is called?

• Honored bill

• Dishonored bill

• Retired bill

• Endorsed bill

The act of transferring the bill from one person to another is called:

• Discounting

• Acceptance

• Retirement

• Endorsement

On 1.12.05 X draw a bill on Y "for 30 days after sight". The date of acceptance is 8.12.05. The due date of the bill will be:

• 8.01.06

• 10.01.06

• 30.12.05