| 1 |
Bank for collection is a |
- A. Permanent Account
- B. Fixed Account
- C. Current Account
- D. Temporary Account
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| 2 |
All those expenses which are incurred to convert raw-materials into finished goods are called: |
- A. Direct expenses
- B. Indirect expenses
- C. Administrative expenses
- D. Sales expenses
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| 3 |
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called |
- A. Retirement of Bill
- B. Endorsement of a Bill
- C. Discounting of a Bill
- D. Settlement of a Bill
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| 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
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| 5 |
How many parties are involved in case of Discounting of a bill ? |
- A. Two
- B. Three
- C. Four
- D. None of these
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| 6 |
Any activity undertaken for the purpose of earning profit is called: |
- A. Performance
- B. Dealing
- C. Business
- D. Duties
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| 7 |
A bill of exchange is drawn by |
- A. Debtor
- B. Creditor
- C. Endorser
- D. Endorsee
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| 8 |
When is a drawee is declared insolvent which account is to be debited in the books of drawer |
- A. Deficiency a/c
- B. Bad Debts a/c
- C. Solvency a/c
- D. None of these
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| 9 |
A bill of exchange is a / an |
- A. Promise
- B. Unconditional Order
- C. Request
- D. Conditional Order
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| 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
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