Accounting Mcqs

Page No. 40

How many parties are generally found in a Bill of Exchange?


a4


b2


c3


d5


View Answer 3

Which of the following is not a feature of a promissory note?


aIt must be in writing


bIt contains an unconditional promise to pay


cIt is payable to the bearer


dIt must be signed by the maker



Under which of the following situations, is journal entry not passed in the books of the drawer?


aWhen a discounted bill is honoured by the drawee on the due date


bWhen a bill is sent to the bank for collection


cWhen a bill is renewed at the request of the drawee


dWhen a debtor accepts a bill drawn by the drawer



The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to


aDiscounting of the bill with the bank


bPayment of the bill on due date


cRemitting or receiving the amount


dSending the bill to bank for collection



The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by


aThe drawer of the bill


bThe person responsible for dishonour


cThe holder of the bill


dThe endorser of the bill



In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is? 0 i. Debit Bills Receivable Account ii. Debit Drawee‘s Account iii. Credit Drawee‘s Account iv. Credit Sales Account


aOnly (i) above


bBoth (ii) and (iv) above


cBoth (i) and (iii) above


dBoth (i) and (iv) above



When bill discounted with the bank is dishonored?


aAcceptor‘s Account is debited in the books of drawer


bBills Receivable Account is credited in the books of drawer


cBank Account is debited in the books of drawer


dBills Payable Account is debited in the books of drawer



A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?


a30th June,2018


b1st July,2018


c4th July,2018


d4th August,2018


View Answer 4th July,2018

Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.


a50,000


b55,000


c60,000


d65,000


View Answer 60,000

Arrangement of Balance Sheet in a logical order is known as __________?


aDressing Balance Sheet


bMarshalling Balance Sheet


cFormatting Balance Sheet


dMake up of Balance Sheet



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