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IPPB (India Post Payments Bank) Negotiable Instruments Act — practice questions

Explore 6 free Negotiable Instruments Act questions in IPPB (India Post Payments Bank) Banking Awareness. Open each question or exercise to read its content, reference answers and available explanation.

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Negotiable Instruments Act questions and exercises with answers

Showing questions 1–6 of 6.

Match each party to a billRead the answer and worked solution →Bill of exchange or promissory note?Read the answer and worked solution →True or false: bills and notesRead the answer and worked solution →Fill in the days of graceRead the answer and worked solution →Which one is NOT required?Read the answer and worked solution →Key in the bill numberRead the answer and worked solution →

Worked practice questions

Match each party to a bill

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Matching pairs
  1. Left
    Drawer
    Right
    The party which makes the order to pay
  2. Left
    Acceptor
    Right
    The party which accepts the order to pay
  3. Left
    Payee
    Right
    The party the amount has to be paid to
Instructions
Tap a party on the left, then tap the role it plays.
_Source: ICAI CA Foundation Accounting Ch6 Bills of Exchange, 1. BILLS OF EXCHANGE_

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Bill of exchange or promissory note?

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Items
  1. Item
    Contains an order
    Category
    Bill
  2. Item
    Needs acceptance
    Category
    Bill
  3. Item
    Drawer orders pay
    Category
    Bill
  4. Item
    Contains a promise
    Category
    Note
  5. Item
    No acceptance
    Category
    Note
  6. Item
    Maker signs to pay
    Category
    Note
Categories
  1. Item
    Bill
  2. Item
    Note
Instructions
Tap a feature, then tap the instrument it belongs to.
_Source: ICAI CA Foundation Accounting Ch6 Bills of Exchange, 2. PROMISSORY NOTES_

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True or false: bills and notes

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Questions
  1. Statement is true
    Yes
    Statement
    The promise or order to pay must be unconditional.
  2. Statement is true
    No
    Statement
    A promissory note may be made payable to the bearer.
  3. Statement is true
    Yes
    Statement
    The primary liability on a bill of exchange is that of the acceptor.
  4. Statement is true
    No
    Statement
    Merely acknowledging a debt makes a valid promissory note.
  5. Statement is true
    Yes
    Statement
    A bill can be passed on to another person by endorsement.
Instructions
Decide whether each statement about these instruments is true or false.
_Source: ICAI CA Foundation Accounting Ch6 Bills of Exchange, 1. BILLS OF EXCHANGE_

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