Free MCQ’s Quiz for Class 11 Accountancy Chapter 8 – Bills of Exchange with Answers is prepared based on the latest CBSE Exam Pattern for the Academic Session. Students can solve NCERT based Class 11th Accountancy – ‘Bills of Exchange’ Multiple Choice Questions with Answers to know their preparation level on the Success Roar Classes website.

Here, we have provided Free MCQ’s Quiz on Class 11 Accountancy Chapter 8 – Bills of Exchange. Bills of exchange usually have three parties: the drawee, who pays the sum, the payee, who receives it, and the drawer, who obligates the drawee to pay the payee. In international trade, a bill of exchange is used to assist importers and exporters in completing transactions.

To make you perfect in this topic – Bills of Exchange, we are here with a set of MCQs Quiz that will help you in brushing up the understanding of the concepts.

Free MCQ’s on Bills of Exchange

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Free MCQ’s on Bills of Exchange

Each set of MCQ’s consists of 10 Questions and you can see the results immediately after submitting the Set.

Results

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#1. A promissory note does not require:

Discounting

Discounting

Acceptance

Acceptance

Noting

Noting

None of the above

None of the above

#2. The promissory note should be signed by:

Payee

Payee

Drawee

Drawee

Promisor

Promisor

Creditor

Creditor

#3. A bill given to the customer is known as _____.

Purchase Invoice

Purchase Invoice

Bill Payable

Bill Payable

Bill Receivable

Bill Receivable

None of the above

None of the above

#4. What is the bill's due date if the due date falls on a holiday?

Preceding day

Preceding day

Same day

Same day

Next day

Next day

None of the aabove

None of the aabove

#5. Cancelling an old bill and drawing a new bill is called renewal of the bill. Is this true or false?

True

True

False

False

#6. A bill is created by a drawee. Is this true or false?

True

True

False

False

#7. Who are the people involved in a bill of exchange?

Drawee, Drawer, Payee

Drawee, Drawer, Payee

Drawee, Drawer, Debtor

Drawee, Drawer, Debtor

Payer, Drawee, Drawer

Payer, Drawee, Drawer

Drawee, Drawer, Creditor

Drawee, Drawer, Creditor

#8. When an acceptor refuses to pay the amount of a bill to the holder of the bill when it reaches maturity is known as a ____.

Endorsed bill

Endorsed bill

Dishonored bill

Dishonored bill

Honored bill

Honored bill

None of the above

None of the above

#9. The _____ paid the noting charges but these are recordable from the ____.

Drawee, Drawer

Drawee, Drawer

Drawer, Drawer

Drawer, Drawer

Drawee, Drawer

Drawee, Drawer

Drawee, Drawee

Drawee, Drawee

#10. The individual to whom payment is to be made in a bill of exchange is called ___.

Endorser

Endorser

Payee

Payee

Drawer

Drawer

Drawee

Drawee

Finish