CA Foundation Bills of Exchange and Promissory Notes — practice questions
25 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CA Foundation Bills of Exchange and Promissory Notes in the app →A Bill of Exchange contains:How many parties are typically involved in a Bill of Exchange?Who is the primary party liable on a Bill of Exchange?A promissory note requires acceptance from:The term of a Bill of Exchange usually does not exceed:On discounting a bill with the bank, the journal entry credits:When a bill is endorsed in favour of a creditor, the entry credits:If a bill discounted with bank is dishonoured, the entry debits:A Bill of Exchange must be:Discount on a bill is the difference between:Accommodation bills are drawn primarily to:Days of grace allowed on a bill in India are:Foreign bills are generally drawn in:Bill of ₹1,00,000 dated 1 March 2022 for 3 months. Maturity date is:Bill of ₹50,000 discounted with bank at 12% p.a. for 90 days. Discount and cash received:On dishonour of bill discounted with bank, drawer's books debit:Bill renewed at request of drawee. The drawer's first entry credits:Retirement of a bill before due date means:Noting charges paid by bank on dishonour are ultimately borne by:Insolvency of drawee on a bill leads drawer to:Drawer A receives bill from drawee B and endorses to creditor C. On dishonour:Difference between Bill of Exchange and Promissory Note: in PN the maker is the:Notice of dishonour is required for:Bills payable account in books of acceptor on acceptance is:Stamp duty on a bill of exchange is paid by: