Bills Of Exchange
Telangana Open School (TOSS) · Class 12 · Accountancy
Practice quiz for Bills Of Exchange — Telangana Open School (TOSS) Class 12 Accountancy. MCQs and questions with answers to test your preparation.
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Quick Quiz: Bills Of Exchange
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What is a Bill of Exchange according to the Negotiable Instruments Act, 1881?
Who is the person who draws a bill of exchange?
Which of the following is NOT a feature of a bill of exchange?
What is the main purpose of a bill of exchange in business?
Sample Questions
How many days of grace are added to calculate the maturity date of a bill?
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3 days
Three days of grace are added to the nominal due date to determine the actual date of maturity unless it is a bill at sight.
Which party accepts the bill of exchange?
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Drawee
The drawee is the person upon whom the bill is drawn and who accepts it by signing, thereby becoming the acceptor.
What is a promissory note?
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A promise to pay made by the debtor
According to Section 4 of the Negotiable Instruments Act, 1881, a promissory note is an unconditional undertaking in writing by the maker to pay a certain sum to a specified person.
Which of the following instruments requires acceptance?
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Bill of Exchange
A bill of exchange must be accepted by the drawee to become binding, whereas a promissory note does not require acceptance as it is already a promise.
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