| 1 |
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is: |
- A. Rs.10,000
- B. Rs.20,000
- C. Rs,30,000
- D. Rs. 40,000
|
| 2 |
A bill of exchange is a method of payment on |
- A. Cash Basis
- B. Credit Basis
- C. Reserve Basis
- D. Accommodation Basis
|
| 3 |
Interest on renewal of a bill is the expense of |
- A. Drawer
- B. Drawee
- C. Holder
- D. Endorsee
|
| 4 |
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
|
| 5 |
The concept of conservation will have the effect of: |
- A. Understatement of assets
- B. Under statement of liabilities
- C. Overstatement of assets
- D. None of the above
|
| 6 |
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date |
- A. Renewal of a Bill
- B. Discounting of a Bill
- C. Endorsement of a Bill
- D. Retiring of a Bill
|
| 7 |
The person to whom bill is transferred will become |
- A. Endorser
- B. Creditor
- C. Debtor
- D. Endorsee
|
| 8 |
The Legal tenor of a bill is |
- A. Sixty Days
- B. One Month
- C. Eighty Days
- D. Ninety Days
|
| 9 |
At the time of drawing a bill the drawer credits: |
- A. Debtors account
- B. Creditors account
- C. bill receivable account
- D. Suppliers account
|
| 10 |
The transaction for which non separate book is maintained are recorded in: |
- A. Journal proper
- B. Bills receivable book
- C. Bills payable book
- D. Cash book
|