1221. If a bill dishonoured , When presented for payment by third party, the drawer will debit :

A. Acceptor’s account *
B. Third party’s account
C. Neither of that two
D. Endorsee

1222. The drawee credits the following after noting that the bank paid the charges at the time the bill was dishonored:

A. Bill Payable
B. Discount account
C. Noting charges account
D. Drawer’s account *

1223. The person to whom a bill is addressed is the :

A. Debtor *
B. Creditor
C. Holder
D. Agent

1224. From the perspective of a creditor, a bill is:

A. Bill Payable
B. Bill receivable *
C. Bill acceptable
D. Bill rejectable

1225. When the drawer discounts a bill, he debits :

A. Discount account *
B. Endorserrient account
C. Interest account
D. Drawee’s account

1226. The term for the acceptor’s failure to pay the bill by the maturity date is:

A. Retirement of the bill
B. Dishonour of the bill *
C. Collection of the bill
D. Honour of the bill

1227. The drawee always debits when charges are paid at the time of dishonor of the bill:

A. Noting charges account *
B. Interest account
C. Discount account
D. Drawer’s account

1228. In case of bill of exchange there are minimum :

A. Two parties *
B. Three parties
C. Four parties
D. One party

1229. Bill of exchange is a convened method for the transfer of :

A. Cash
B. Goods
C. Debt *
D. Investment

1230. The period of time after which a bill becomes payable is called :

A. Tenor *
B. Usance
C. Grace days
D. None of the above