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ACCOUNTANCY
OBJECTIVE TYPE ONLINE EXAMINATION
FOR PLUS ONE STUDENTS. SCORE :20
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1.A Bill of exchange is drawn by ..................
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1 point
Debtor
Creditor
Drawee
Payee
2.In the case of a bill the following two can be the same person
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1 point
Debtor & Creditor
Drawer & Drawee
Drawee &Payee
Drawer & Payee
3.Noting charges are paid by ...................
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1 point
Drawee
Payee
Holder of the Bill
None
4. ................... account is credited in the books of Drawer when a Bill is discounted with the Bank.
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1 point
Bank
Discount
B/R
Drawee
5.A Bill of exchange has .................... parties
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1 point
2
3
4
5
6. ............... extra days are added to calculate the maturity date of a Bill
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1 point
2
3
4
5
7.Of the following, which one is NOT a feature of a bill of exchange
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1 point
In writing
Signed by the maker
Conditional order
All of the above
8. Vinu Draws a Bill on Vivek for Rs.5000. Vinu endorsed the Bill to Vipin. On due date, Vivek fails to meet the bill. Vipin paid 350 noting charges. How much should be debited to Vivek account in the books of vinu
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1 point
5000
350
4650
5350
9. ............ A/c is debited in the books of Drawee , when a bill discounted with the bank by the drawer.
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1 point
Bank
Discount
B/R
No entry
10. An Accommodation bill is also called .........
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1 point
Kite bill
Time bill
Demand bill
None of these
11. A draws a Bill on B for Rs.5000. B endorsed the bill to C. Which statement is wrong
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1 point
A is the drawer
B is the drawee
C is the endorser
All
12. Before the acceptance the bill is called a ...........
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1 point
Copy
Draft
Rough bill
None of these
13.When a bill is paid before the due date , the bill is said to be ........
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1 point
Discounted
Renewed
Retired
Dishonoured
14. P draws a bill on Q for Rs. 12000. P endorsed the bill to R. R endorsed the bill to S. S discounted the bill with the bank.The bill met on due date. The payee of the bill is ......
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1 point
Q
R
S
Bank
15. A bill drawn on 25/11/2019 for 3 months. The maturity date of the bill will be on
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1 point
25/02/2020
25/01/2020
28/01/2020
28/02/2020
16.Find the odd one
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1 point
Cheque
Bill of exchange
Promissory note
Fixed deposit receipt
17. ........... is the officer who has the power to record the fact of dishonour of a bill
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1 point
Gazzeted officer
Notary public
All advocates
All of the above
18. Sethu draws a 3 months bill for Rs.9000 on 01/01/2020. On 04/01/2020 he discounted the bill with bank @ 10 % p.a. The discount amount will be .........
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1 point
900
300
225
150
19.The due date of the following bill will be on
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2 points
01/08/2018
04/08/2018
03/08/2018
None of these
Prepared by ULLAS G Principal Govt. H S S Mulanthuruthy, Ernakulam
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