Accounting MCQs

A. When a discounted bill is honoured by the drawee on the due date
B. When a bill is sent to the bank for collection
C. When a bill is renewed at the request of the drawee
D. When a debtor accepts a bill drawn by the drawer

A. It must be in writing
B. It contains an unconditional promise to pay
C. It is payable to the bearer
D. It must be signed by the maker

A. 4
B. 2
C. 3
D. 5

A. 1981
B. 1881
C. 1871
D. 2001

A. Unconditional
B. Certainty of amount
C. In writing
D. Amount to be paid in foreign currency

A. Triplicate
B. Duplicate
C. Single
D. Quadruplicate

A. Acceptance
B. Unconditional promise to pay
C. Properly stamped
D. Payment to be made legal currency

A. 4-4-2013
B. 3-4-2013
C. 1-4-2013
D. 31-3-2013

A. Genuine trade reasons
B. For mutual financial accommodation
C. To help augment money supply
D. All the three

A. debit
B. credit
C. expenses
D. liability