| 1 |
A bill from the point of view of a debtor is called |
- A. Bill Acceptable
- B. Bill Receivable
- C. Bill Payable
- D. None of these
|
| 2 |
When a bill is discharged the acceptor debits: |
- A. Creditors account
- B. Cash account
- C. Bill payable account
- D. Bill receivable account
|
| 3 |
A bill of exchange is drawn by |
- A. Debtor
- B. Creditor
- C. Endorser
- D. Endorsee
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| 4 |
When bank column of a cash book shows a credit balance, it means: |
- A. Cash balance
- B. Bank balance
- C. Under draft
- D. Over draft
|
| 5 |
Bank for collection is a |
- A. Permanent Account
- B. Fixed Account
- C. Current Account
- D. Temporary Account
|
| 6 |
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
|
| 7 |
Real accounts are related to: |
- A. Assets
- B. Expenses, losses and incomes
- C. Customers, creditors
- D. Incomes
|
| 8 |
A bill of exchange is a / an |
- A. Promise
- B. Unconditional Order
- C. Request
- D. Conditional Order
|
| 9 |
The Legal tenor of a bill is |
- A. Sixty Days
- B. One Month
- C. Eighty Days
- D. Ninety Days
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| 10 |
A bill of exchange is a method of payment on |
- A. Cash Basis
- B. Credit Basis
- C. Reserve Basis
- D. Accommodation Basis
|