11th Principles of Accounting MCQS Chapter 3

How many parties are involved in case of Discounting of a bill ?

Four

None of these

Two

Three

A many buy  Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:

Rs. 40,000

Rs,30,000

Rs.10,000

Rs.20,000

Narration is always written:

Above each entry

None of these

Below each entry

Between of each entry

A bill which is both drawn and payable within the geographical boundaries of a country

Inland Bill

Municipal Bill

Local Bill

Foreign Bill

The act of withdrawing a bill of exchange from circulation when it had been paid before the due date

Renewal of a Bill

Retiring of a Bill

Discounting of a Bill

Endorsement of a Bill

Retiring a bill under rebate means

Dishonouring of a Bill

Payment of Bill After due date

Payment of Bill Before Due Date

Discounting of a Bill

Real accounts are related to:

Expenses,  losses and incomes

Assets

Incomes

Customers,  creditors

A bank reconciliation statement is  prepared by:

banker

Accountant of the business

Rigistar

Statutory auditors

Bank for collection is a

Fixed Account

Current Account

Temporary Account

Permanent Account

When a drawee honours his acceptance, he will credit

Cash Account

Bill Payable Account

Drawer Account

Capital Account