1241. When a bill is renewed, interest account is credited in the books of the :
A. Drawer *
B. Drawee
C. Bank
D. Endorsee
1242. When a party becomes insolvent, the bill accepted by him is treated as :
A. Honoured
B. Dishonoured *
C. Discounted
D. None of the above
1243. Interest on renewal of a bill is a revenue to the :
A. Drawer *
B. Drawee
C. Endorsee
D. Acceptor
1244. Interest on renewal of a bill is a expense to the :
A. Drawer
B. Drawee *
C. Endorsee
D. Seller
1245. In case of discounting of bill with the bank, The acceptor will passed :
A. Discounting
B. Acceptance entry
C. No entry *
D. None of the above
1246. In case of retiring a bill, rebate is treated as expense for the :
A. Holder *
B. Acceptor
C. Banker
D. Agent
1247. The rebate, in case of retiring of a bill is revenue for the :
A. Holder
B. Acceptor *
C. Banker
D. Agent
1248. When bills are drawn in one country and accepted and payable in another country are called :
A. Inland bills
B. Local bills
C. Foreign bills *
D. None of the above
1249. When bills are drawn in a country upon person living in the same country or made payable in the same country are known as :
A. Inland *
B. Foreign bills
C. Overseas bills
D. None of the above
1250. A promissory note contains:
A. A conditional order
B. A promise *
C. A request to deliver goods
D. An unconditional order