Important Questions with Answers for Class 11 CBSE Accountancy Chapter 8 Bills of Exchange which is outlined by expert Accountancy teachers from the latest version of CBSE (NCERT) books.
CBSE Class 11 Accountancy Chapter -8 Important Questions
What are the two most used negotiable instrument
Answer: The two most used negotiable instrument is.
- Bill of exchange
- Promissory Note
What is the bill of exchange
Answer: Bil of exchange is a written document signed by the head of the department or the makers guiding them to pay a certain amount for the order of a certain individual or the bearer of the device.
Explain the characteristics of the bill of exchange
Answer: The characteristics of the bill of exchange are.
- A bill of exchange should be in writing
- The order must be unconditional
- The date of payment must be a fixed date
- It should be signed by the drawee of the bill
- It should be signed by the drawer of the bill
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Is bill of exchange drawn by the debtor?
Answer: No the bill of exchange is not drawn by a debtor
Does promissory note require acceptance?
Answer: No, the promissory note does not require acceptance.
What is the date of maturity of a bill of exchange?
Answer: The date of maturity of a bill of exchange is the date on which the bill becomes due for payment.
What is the date of maturity of a bill of exchange? Calculate the due date of a bill of exchange written on July 13, 2017, for 30 days.
Answer: The date of maturity will be August 14, 2017.
What is noting of the bill of exchange?
Answer: Noting is referred to the recording of the fact of dishonour by a notary public.
If the acceptor of the bill refuses to pay the bill on maturity, what is it called?
Answer: In situations where the acceptor refuses or is not in a position to pay, such a condition causes breach of promise and leads to dishonour of bill.
Liability for a discounted bill is a
1. Contingent Liability
2. Fixed Liability
3. Current Liability
4. None of the above
Answer: 1. Contingent Liability
Nothing charges are borne by
What account will be credited when discounted bill is dishonoured?
1. Drawer’s Account
2. Drawee’s Account
3. Endorsee’s Account
4. Bank Account
Answer: Bank Account
On a public holiday, the due date of a bill will be due on.
1. One day after the due date
2. Public holiday
3. One day before the due date
4. None of the above
Answer: One day before the due date
Bill of exchange is a conditional order to pay
A promissory note is drawn and signed by the debtor
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