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

We have completed the NCERT/CBSE chapter-wise Multiple Choice Questions for Class 11 Accountancy book Chapter 8 Bills of Exchange with Answers by expert subject teacher for latest syllabus and examination. You can Prepare effectively for the exam, Taking the help of the Class 11 Accountancy Objective Questions PDF free of cost from here. Students can take a free test of the Multiple Choice Questions of Bills of Exchange. Each Questions has four options followed by the right answer. Download the Accountancy Quiz Questions with Answers for Class 11 free Pdf and prepare to exam and help students understand the concept very well.

MCQ Questions for Class 11 Accountancy with Answers: Financial Accounting

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

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Bills of Exchange MCQ Questions for Class 11 Accountancy Chapter 8 with Answers