1231. When a bill is accepted without any condition to the “order of drawer’ it is called :

A. Qualified acceptance
B. General acceptance*
C. Unqualified acceptance
D. None of the above

1232. In case of accommodation bills, if one party becomes insolvent then the short remittance is credited to :

A. Deficiency account *
B. Bad debts account
C. Insolvency account
D. Solvency account

1233. Accommadation bill are drawn accepted and endorsed :

A. Without any consideration *
B. For some consideration
C. Half for consideration
D. None of the above

1234. Amount of noting charges is the actual expense of :

A. Drawee *
B. Drawer
C. Banker
D. Endorsee

1235. The amount deductd by bank of the bill from the face value of the bill is called :

A. Interest
B. Rebate
C. Discount *
D. Commission

1236. The procedure by which a bill is transferred from one person to another person for the settlement of debts is called :

A. Retirement
B. Endorsement *
C. Renewal
D. None of the above

1237. When the bill is dishonoured bill payable account is debited in the books of the :

A. Bank
B. Drawer
C. Drawee *
D. Endorsee

1238. When the bill is dishonoured acceptor’s account is debited in the books of the :

A. Bank
B. Drawer *
C. Drawee
D. Endorsee

1239. When an endorsed bill is dishonored endorsee’s or creditor’s account is in the books of the :

A. Bank
B. Drawee
C. Drawer *
D. Agent

1240. The drawer always debits acceptor’s account for noting charges paid on :

A. Honour of a bill
B. Endorsement of a bill
C. Dishonour of a bill *
D. None of the above