171. The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
A. The drawer of the bill
B. The person responsible for dishonour
C. The holder of the bill
D. The endorser of the bill
172. The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
A. Discounting of the bill with the bank
B. Payment of the bill on due date
C. Remitting or receiving the amount
D. Sending the bill to bank for collection
173. Under which of the following situations, is journal entry not passed in the books of the drawer?
A. When a discounted bill is honoured by the drawee on the due date
B. When a bill is sent to the bank for collection
C. When a bill is renewed at the request of the drawee
D. When a debtor accepts a bill drawn by the drawer
174. Which of the following is not a feature of a promissory note?
A. It must be in writing
B. It contains an unconditional promise to pay
C. It is payable to the bearer
D. It must be signed by the maker
175. How many parties are generally found in a Bill of Exchange?
176. Negotiable Instrument Act was enacted in_________?
177. Which of these is not an essential feature of a bill of exchange?
B. Certainty of amount
C. In writing
D. Amount to be paid in foreign currency
178. A foreign bill of exchange is generally drawn up in___________?
179. Which of these are not required in a promissory note?
B. Unconditional promise to pay
C. Properly stamped
D. Payment to be made legal currency
180. X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
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