MCQ on Class 11 Accountancy Chapter 8 Bills of Exchange with Answers

Are you guys looking for NCERT Important MCQ Questions for Class 11 Accountancy with Answers PDF Free Download as per CBSE new exam pattern? You came to the right page. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Important Multiple Choice Questions of Class 11 Accountancy. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

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 October, 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

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)