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Account M.C.Q (1 Marks)

Accounting for Bills Exchange · CBSE STD 11 Commerce (CBSE - English Medium). 15 questions.

Questions

M.C.Q (1 Marks)

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15 questions · timed · auto-graded

MCQ 11 Mark
The Bills Receivable Book is part of:
  • ✓
    The Journal.
  • B
    The Ledger.
  • C
    The profit.
  • D
    Balance Sheet.
Answer
Correct option: A.
The Journal.
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MCQ 31 Mark
If Ram's acceptance which was endorsed by us in favour of Saleem is dishonoured, then the amount will be debited in our books to:
  • A
    Saleem.
  • ✓
    Ram.
  • C
    Bills Receivable Account.
  • D
    None of these.
Answer
Correct option: B.
Ram.
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MCQ 41 Mark
The party which is ordered to pay the amount is known as ...
  • A
    Drawer.
  • B
    Payee.
  • ✓
    Drawee.
  • D
    None of these.
Answer
Correct option: C.
Drawee.
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MCQ 51 Mark
Rebate is calculated for the period between date of:
  • ✓
    Payment and Maturity Date.
  • B
    Drawing and Payment of Bill.
  • C
    Drawing and Maturity Date.
  • D
    None of these.
Answer
Correct option: A.
Payment and Maturity Date.
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MCQ 61 Mark
In case of renewal of the bill, interest is charged for the period of:
  • A
    Original Bill.
  • ✓
    Fresh Bill.
  • C
    One Month.
  • D
    None of these.
Answer
Correct option: B.
Fresh Bill.
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MCQ 71 Mark
If due date of a bill falls on a public holiday, then the maturity date is on:
  • A
    One day after the maturity date.
  • ✓
    One day before the maturity date.
  • C
    Public holidays.
  • D
    None of these.
Answer
Correct option: B.
One day before the maturity date.
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MCQ 81 Mark
Three days are added for ascertaining the date of maturity. These are known as days of ...
  • A
    Maturity.
  • ✓
    Grace.
  • C
    Payment.
  • D
    None of these.
Answer
Correct option: B.
Grace.
B
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MCQ 91 Mark
A bill of $₹ 10,000$ is renewed. The drawee pays $₹ 3,000$ as part payment. The amount of interest charged is $₹ 200$. What is the value of new bill?
  • A
    $₹ 700.$
  • B
    $₹ 10,200.$
  • C
    $₹ 9,000.$
  • ✓
    $₹ 7,200.$
Answer
Correct option: D.
$₹ 7,200.$
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MCQ 101 Mark
A Bill of Exchange is renewed generally at the request of the $.........$
  • A
    Drawer.
  • B
    Bank.
  • ✓
    Drawee.
  • D
    None of these.
Answer
Correct option: C.
Drawee.
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MCQ 111 Mark
A Promissory Note is made by the $.........$
  • A
    Seller.
  • ✓
    Purchaser.
  • C
    Endorsee.
  • D
    None of these.
Answer
Correct option: B.
Purchaser.
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MCQ 121 Mark
A Bill of Exchange cannot be $.........$
  • A
    Endorsed.
  • ✓
    Crossed.
  • C
    Accepted.
  • D
    None of these.
Answer
Correct option: B.
Crossed.
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MCQ 141 Mark
A $4$ months bill drawn on $1^{st}$ January, $2019$ will mature for payment on:
  • ✓
    $3^{rd}$ May, $2019.$
  • B
    $4^{th}$ May, $2019.$
  • C
    $5^{th}$ May, $2019.$
  • D
    $10^{th}$ May, $2019.$
Answer
Correct option: A.
$3^{rd}$ May, $2019.$
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MCQ 151 Mark
The Rebate on a Bill shows that:
  • ✓
    It has been paid before the date of maturity.
  • B
    It has been paid after the date of maturity.
  • C
    It has been dishonoured.
  • D
    None of these.
Answer
Correct option: A.
It has been paid before the date of maturity.
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M.C.Q (1 Marks) - Account STD 11 Commerce Questions - Vidyadip