MCQ Class 11 Accountancy Chapter 8 Bills of Exchange : MCQ Questions for Class 11 Accountancy with Answers PDF Free Download prepared here according to the latest CBSE RBSE and Other State Board syllabus and NCERT curriculum.
MCQ Class 11 Accountancy Chapter 8 Bills of Exchange
Q1. At the time of retirement of a bill, the acceptor debits:
(i) Bills payable’account
(ii) Discount account
(iii) Neither of two
(iv) None of above
(i) Bills payable’account
Q2. Three days are added for ascertaining the date of maturity. These are known as days of-
(i) Grace
(ii) Maturity
(iii) Payment
(iv) None of the options
(i) Grace
Q3. Noting charges are ultimately borne by –
(i) Drawee
(ii) Drawer
(iii) Payee
(iv) Maker
(i) Drawee
Q4. Which balance is shown by a B/R Book
(i) Credit
(ii) None
(iii) Both
(iv) Debit
(iv) Debit
Q5. The due date of bill dated 1st February, 2003 for a period of 2 months shall be:
(i) 4th April, 2003
(ii) 5th April, 2003
(iii) 4th May, 2003
(iv) 2nd February, 1993
(i) 4th April, 2003
Q6. The Bills Receivable Book is a part of
(i) The Journal
(ii) The Ledger
(iii) The Profit
(iv) None of the options
(i) The Journal
Q7. Refusal by the acceptor to pay the bill on the maturity date is called –
(i) Dishonor of bill
(ii) Retirement of bill
(iii) Rebate on bill
(iv) Discounting of bill
(i) Dishonor of bill
Q8. The party who is entitled to receive the cash of a bill receivable is called
(i) Drawer
(ii) Drawee
(iii) Capitalist
(iv) Bank
(i) Drawer
Q9. Accommodation bills are also termed as ………bills.
(i) Drawee bills
(ii) Kite bills
(iii) Payee bills
(iv) Drawer bills
(ii) Kite bills
Q10. A bill accepted and given to a creditor is called
(i) Bill Payable
(ii) Bill Receivable
(iii) Trade bill
(iv) Repair bill
(i) Bill Payable
Q11. Three days are added for ascertaining the date of maturity. These are known as days of-
(i) Grace
(ii) Maturity
(iii) Payment
(iv) None of the options
(i) Grace
Q12. If the due date is public holiday what will be the due date of the bill
(i) Preceding day
(ii) Following day
(iii) The same day
(iv) After two days
(i) Preceding day
Q13. B/R stands for
(i) Bank Receivable Books
(ii) Bank Receipt
(iii) Bank Rebate
(iv) All of them
(i) Bank Receivable Books
Q14. Fee paid in cash to Notary Public is charged by
(i) Holder of bill of exchange
(ii) Drawee
(iii) Drawer
(iv) None
(i) Holder of bill of exchange
Q15. A four months bill drawn on 1st January, 2008 will mature for payment on –
(i) 4th May, 2008
(ii) 5th May, 2008
(iii) 3rd May, 2008
(iv) 6th May, 2008
(i) 4th May, 2008
Q16. Kamal draws a bill on Sahil for Rs.3000. Kamal endorsed it to Rohan. Rohan endorsed it to Rakesh. The payee of the bill will be
(i) Kamal
(ii) Rakesh
(iii) Sahil
(iv) Rohan
(ii) Rakesh
Q17. What account will be credited when discounted bill is dishonoured?
(i) Drawee’s Account
(ii) Drawer’s Account
(iii) Bank Account
(iv) Endorsee’s Account
(iii) Bank Account
Q18. The Rebate on a bill shows that the bill –
(i) Has been paid before the date of maturity
(ii) Has been paid after the date of maturity
(iii) Has been dishonored
(iv) None of the options
(i) Has been paid before the date of maturity
Q1. The due date of bill dated 31st January, 1992 for a period of 1 month will be: (year 1992 is a leap year)
(a) 1 st December , 1993
(b) 31 st January, 1992
(c) 31st January, 1993
(d) 3rd March, 1992
(d) 3rd March, 1992
Q2. Noting charges are ultimately borne by –
a) Drawee
b) Drawer
c) Payee
d) Maker
a) Drawee
Q3. A Promissory note _ the acceptance
a) Does not require
b) Requires
c) Makes
d) Arranges
a) Does not require
Q4. B has accepted the bill drawn on him by A. Which of the following statements is correct?
a) A can endorse the bill, B cannot endorse the bill
b) A can endorse the bill
c) B cannot endorse the bill
d) B can endorse the bill
a) A can endorse the bill, B cannot endorse the bill
Q5. At the time of renewal of a bill, _ account is debited in the books of the drawee.
a) Interest
b) Discount
c) Rebate
d) None of the options
a) Interest
Q6. A bill of Rs. 5,000 is discounted with the banker for RS. 4,750. The bill is dishonored at maturity. The drawee pays 60% of his acceptance. What is the amount of bad debts?
a) Rs. 2,000
b) Rs. 2100
c) Rs. 1900
d) Rs. 1800
a) Rs. 2,000
Q7. Refusal by the acceptor to pay the bill on the maturity date is called –
a) Dishonor of bill
b) Retirement of bill
c) Rebate on bill
d) Discounting of bill
a) Dishonor of bill
Q8. Find the due date of a bill of exchange dated 9th December, 2007, payable after 45 days.
a) 25th January, 2008
b) 24th January, 2008
c) 26th January, 2008
d) 27th January, 20008
a) 25th January, 2008
Q9 The party which is ordered to pay the amount is known as –
a) Drawee
b) Payee
c) Drawer
d) None of the options
a) Drawee
Q10. Three days are added for ascertaining the date of maturity. These are known as days of-
a) Grace
b) Maturity
c) Payment
d) None of the options
a) Grace
Q11. A bill of exchange cannot be –
a) Crossed
b) Endorsed
c) Accepted
d) None of the options
a) Crossed
Q12. If Rams acceptance which was endorsed by us in favor of Saleem is dishonored, then the amount will be debited in our books to –
a) Ram
b) Saleem
c) Bills Receivable
d) None of the options
a) Ram
Q13. A four months bill drawn on 1st January, 2008 will mature for payment on –
a) 4th May, 2008
b) 5th May, 2008
c) 3rd May, 2008
d) 6th May, 2008
a) 4th May, 2008
Q14. The Bills Receivable Book is a part of
a) The Journal
b) The Ledger
c) The Profit
d) None of the options
a) The Journal
Q15. The Rebate on a bill shows that the bill –
a) Has been paid before the date of maturity
b) Has been paid after the date of maturity
c) Has been dishonored
d) None of the options
a) Has been paid before the date of maturity
Q16. Which balance is shown by a B/R Book
(a) Credit
(b) None
(c) Both
(d) Debit
(d) Debit
Q17. On whom the trade bill drawn
(a) Seller
(b) Creditor
(c) Debtor
(d) Owner
(c) Debtor
Q18. The party who is entitled to receive the cash of a bill receivable is called
(a) Drawer
(b) Drawee
(c) Capitalist
(d) Bank
(a) Drawer
Q19. The due date of bill dated 1st February, 2003 for a period of 2 months shall be:
(a) 4th April, 2003
(b) 5th April, 2003
(c) 4th May, 2003
(d) 2nd February, 1993
(a) 4th April, 2003
Q20. The due date of bill dated 31st January, 1992 for a period of 1 month will be: (year 1992 is a leap year)
(a) 1 st December , 1993
(b) 31 st January, 1992
(c) 31st January, 1993
(d) 3rd March, 1992
(d) 3rd March, 1992
MCQ Questions for Class 11 Accountancy with Answers Chapter Wise PDF Download
MCQ Questions for Class 11 Accountancy: Financial Accounting
- MCQ Class 11 Accountancy Chapter 1 Introduction to Accounting
- MCQ Class 11 Accountancy Chapter 2 Theory Base of Accounting
- MCQ Class 11 Accountancy Chapter 3 Recording of Transactions 1
- MCQ Class 11 Accountancy Chapter 4 Recording of Transactions 2
- MCQ Class 11 Accountancy Chapter 5 Bank Reconciliation Statement
- MCQ Class 11 Accountancy Chapter 6 Trial Balance and Rectification of Errors
- MCQ Class 11 Accountancy Chapter 7 Depreciation, Provisions and Reserves
- MCQ Class 11 Accountancy Chapter 8 Bills of Exchange
- MCQ Class 11 Accountancy Chapter 9 Financial Statements 1
- MCQ Class 11 Accountancy Chapter 10 Financial Statements 2
- MCQ Class 11 Accountancy Chapter 11 Accounts from Incomplete Records
- MCQ Class 11 Accountancy Chapter 12 Applications of Computers in Accounting
- MCQ Class 11 Accountancy Chapter 13 Computerised Accounting System
- MCQ Class 11 Accountancy Chapter 14 Structuring Database for Accounting
- MCQ Class 11 Accountancy Chapter 15 Accounting System Using Database Management System