We are giving Class 11 Accountancy MCQ Questions of Bills of Exchange with Answers according to the most recent prescribed syllabus by CBSE. Increase your preparation with the Objective Questions accessible on Bills of Exchange and upgrade your subject knowledge. Understand the idea unmistakably by reliably practicing the Multiple Choice Questions and score well in your tests. Class 11 Accountancy understudies ought to allude to the accompanying multiple-choice questions with answers for Bills Of Exchange in class 11. These MCQ inquiries with answers for class 11 Accountancy will come in tests and assist you with scoring great marks.
The Bill of Exchange is a debatable instrument that is a legitimately restricting archive containing a request to pay a specific amount of cash to an individual within a pre-determined time frame or on-demand by the bearer of the instrument. Given underneath are fundamental MCQ Questions on the Bill of Exchange to break down your comprehension of the topics. The appropriate answers are additionally given for your reference.
1. On dishonor of a discounted bill whom does the bank look for payment
(a) Drawer
(b) Drawee
(c) Endorser
(d) Payee
2. The act for signing by the drawer on the book of the instruments for the purpose of transfer
(a) Acceptance of bill
(b) Cheque
(c) Endorsement
(d) Bill
3. Which balance is shown by a B/R Book
(a) Credit
(b) None
(c) Both
(d) Debit
4. On whom the trade bill drawn
(a) Seller
(b) Creditor
(c) Debtor
(d) Owner
5. The party who is entitled to receive the cash of a bill receivable is called
(a) Drawer
(b) Drawee
(c) Capitalist
(d) Bank
6. Discounting Charges =
(a) Amount of Bill Discounted × Rate × Unexpired Period
(b) Amount of Bill Discounted × Rate / Unexpired Period
(c) Amount of Bill Discounted × Rate + Unexpired Period
(d) Amount of Bill Discounted + Rate × Unexpired Period
7. A bill of exchange can not be ______.
(a) Endorsed
(b) Accepted
(c) Refused
(d) Crossed
8. Encashing the bill before the date of its maturity is called ______.
(a) Dishonour of Bill
(b) Retirement of Bill
(c) Discounting of Bill
(d) Endorsement of Bill
9. On dishonour of a discounted bill, who does the bank look for payment?
(a) Drawer
(b) Payee
(c) Endorser
(d) None
10. Due date of a bill of exchange drawn on 30th January 2011 for one month will be ______.
(a) 5th March 2011
(b) 3rd March 2011
(c) 29th February 2011
(d) 4th March 2011
11. The party which is ordered to pay the amount of bill of exchange is called ______.
(a) Drawee
(b) Payee
(c) Drawer
(d) None of the above
12. In the case of term bill, extra three days are given to the acceptor are called?
(a) Days of bill payable
(b) Days of bill receivable
(c) Days of grace
(d) Days of tenor
13. Noting charges are ultimately borne by –
(a) Drawee
(b) Drawer
(c) Payee
(d) Maker
14. B has accepted the bill drawn on him by A. Which of the following statements is correct?
(a) A can endorse the bill, B cannot endorse the bill
(b) A can endorse the bill
(c) B cannot endorse the bill
(d) B can endorse the bill
15. A bill of Rs. 5,000 is discounted with the banker for RS. 4,750. The bill is dishonoured at maturity. The drawee pays 60% of his acceptance. What is the amount of bad debts?
(a) Rs. 2,000
(b) Rs. 2100
(c) Rs. 1900
(d) Rs. 1800
16. Find the due date of a bill of exchange dated 9th December, 2007, payable after 45 days.
(a) 25th January, 2008
(b) 24th January, 2008
(c) 26th January, 2008
(d) 27th January, 20008
17. Three days are added for ascertaining the date of maturity. These are known as days of-
(a) Grace
(b) Maturity
(c) Payment
(d) None of the options
18. If Rams acceptance which was endorsed by us in favor of Saleem is dishonored, then the amount will be debited in our books to –
(a) Ram
(b) Saleem
(c) Bills Receivable
(d) None of the options
19. At the time of retirement of a bill, the acceptor debits:
(i) Bills payable account
(ii) Discount account
(iii) Neither of two
(iv) None of above
20. Three days are added for ascertaining the date of maturity. These are known as days of-
(i) Grace
(ii) Maturity
(iii) Payment
(iv) None of the options
21. Noting charges are ultimately borne by –
(i) Drawee
(ii) Drawer
(iii) Payee
(iv) Maker
22. Which balance is shown by a B/R Book
(i) Credit
(ii) None
(iii) Both
(iv) Debit
23. The due date of bill dated 1st February, 2003 for a period of 2 months shall be:
(i) 4th April, 2003
(ii) 5th April, 2003
(iii) 4th May, 2003
(iv) 2nd February, 1993
24. The Bills Receivable Book is a part of
(i) The Journal
(ii) The Ledger
(iii) The Profit
(iv) None of the options
25. Refusal by the acceptor to pay the bill on the maturity date is called –
(i) Dishonor of bill
(ii) Retirement of bill
(iii) Rebate on bill
(iv) Discounting of bill
