1211. The method of payment by bill of exchange depend on :

A. Cash basis
B. Credit basis *
C. Reserve basis
D. None of the above

1212. Bill recievable book is a part of the :

A. Journal *
B. Ledger
C. Profit and loss account
D. Balance sheet

1213. A bill of exchange contains :

A. An unconditional order *
B. A promise
C. A request to delive goods
D. A conditional order

1214. A bill of exchange is drawn by :

A. A debtor
B. A creditor *
C. A holder
D. Endorsee

1215. Bill recievable account is a :

A. Nominal account
B. Personal account *
C. Real account
D. Expense account

1216. When a bill is drawn, the drawer credits:

A. Debtors account *
B. Creditors account
C. Bill receivables account
D. Suppliers account

1217. When a bill is discharged , the acceptor debits :

A. Creditors account
B. Cash account
C. Bill payable account *
D. Bill receivable account

1218. At the time of endorsement of a bill, the drawer credits :

A. The drawee account
B. The endorsee’s personal account
C. Bill receivable account *
D. Endorsee’s account

1219. Retiring a bill under rebate means :

A. Paying the bill in full by the due date *
B. Paying the bill later than the due date
C. Dishonouring bill
D. None of the above

1220. The drawee debits: at the time of bill endorsement.

A. Bill payable account
B. Other party’s account
C. No account ( No entry) *
D. None of the above