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