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Revision Notes

Bills of Exchange

ICSE · Class 11 · Accountancy

Quick revision notes for Bills of Exchange — ICSE Class 11 Accountancy. Key concepts, formulas, and definitions for last-minute revision.

63 questions42 flashcards5 concepts

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Key Topics to Revise

1

1. Meaning and Nature of Negotiable Instruments

  • Credit is the life blood of modern business.
  • Bills of Exchange, Promissory Notes and Cheques are used as credit instruments.
  • In India these instruments are known as Hundis and are written in Indian languages.
2

2. Bill of Exchange

  • A bill of exchange is a written order, not a request.
  • It must be unconditional.
  • It is signed by the drawer and accepted by the drawee.
3

3. Promissory Note

  • A promissory note is a written promise to pay.
  • It is signed by the maker.
  • It has only two parties: maker and payee.
4

4. Cheque

  • A cheque is a bill of exchange drawn on a specified banker and payable only on demand.
  • The drawee in a cheque is always a bank.
  • A cheque need not be accepted.

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Full Notes

Key Concepts

A bill of exchange isA promissory note is a writtenA cheque is a billThe drawer writes and signsAn endorser is the holder who

Frequently Asked Questions

What are the important topics in Bills of Exchange for ICSE Class 11 Accountancy?
Bills of Exchange covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Bills of Exchange — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 63 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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