CPT
21 What is the number of days added to the due date, in case of time or tenure bills? (A) 2 days (C) 4 days (B) 3 days (D) A week 22 To whom the amount would be payable in case of bills of exchange? (A) Drawer (C) Acceptor (B) Drawee (D) Bearer of the instrument/Holder 23. The parties to a bill bil l of exchange are – (A) Drawer, Drawee & Maker. (B) Payee, Drawee & Maker.
(C) Drawer, Drawee & Payee. (D) Drawer. Maker & Payee.
24. In bill of exchange, drawer is – (A) The person who accepts the bill (B): The person who draws the bill
(C) The person to whom the amount is paid (D) The person in whose favour the bil] is
25. What is a promissory note? (A) It is an instrument written or oral, containing an unconditional undertaking signed by the maker to pay certain sum of money to the t he bearer. (B) It is an instrument in writing containing an conditional undertaking signed by the maker to pay certain slim of money to the bearer. (C) It is an instrument in writing containing an unconditional undertaking signed by the maker to pay certain sum of money to the bearer. (D) It is an instrument in writing containing an unconditional order signed by the maker to pay certain sum of money to the bearer. 26. What is a bill of exchange? (A) It is an instrument written or oral, containing an unconditional undertaking signed by the maker to pay certain sum of money to the t he bearer. (B) It is an instrument in writing containing an conditional undertaking signed by the maker to pay certain sum of money to the bearer. (C) It is an instrument in writing containing an unconditional undertaking signed by the maker to pay certain sum of money to the bearer. (D) It is an instrument in writing containing an unconditional order signed by the maker to pay certain sum of money to the bearer. 27 Which of these is the distinction d istinction between promissory note & bills of exchange? (A) Promissory note is conditional, whereas bills of exchange is unconditional. (B) Promissory note is oral, whereas bills of exchange e xchange is written. (C) Promissory note is signed by the payee, whereas bills of exchange is signed by the maker. (D) Promissory note is a promise to pay, whereas bills of exchange is an order to pay. 28. What do you mean by 'term of bill? (A) Date of making the bill (B) Date of maturity
(C) Duration of the bill (D) The date on which the bill will lapse
29. Date of maturity of bill is – (A) Duration of the bill. (B) The The date on on which which the the bill will expire.
(C) Due date + 3 Days of grace. (D) Due dale.
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31. Due Date is calculated in case of – (A) Time Instrument. (B) Demand Instrument.
(C) cheque (D) None of the above.
32. Three days of grace are added in the case of(A) Time Instrument. (C) Cheque. (B) Demand Instrument. (D) None of the above. 33. What is crossing of cheque? (A) Signing on the back side (B) Drawing two parallel lines
(C) Mentioning account number in a crossed format (D) None of the above
34. Which of the following statement is false(A) B/R is a negotiable instrument. (B) BIR must be accepted by drawee. (C) There can be three parties in respect of bills of exchange - drawer, drawee & payee. (D) Oral bill of exchange is also valid. 35. Which of the following statement is true(A) Noting charge is an expense to be borne by drawer. (B) Noting charge is an expense to be born by drawee. (C) Noting charge is an expense to be born by payee. (D) Noting charge is an expense to be born by bank. 36. Which of the following statement is true(A) Creditors can draw a bill on Debtors. (B) Debtors can draw a bill on Creditors. (C) Bank will draw a bill or. customer at the time of overdraft. (D) One can draw the bill on another under any circumstances. 37. The purpose of accommodation bill is(A) To finance actual purchase or sale of goods. (C) To raise finance. (B) To facilitate trade transmission. (D) None of the above. 38. The purpose of accommodation bill is(A) To finance actual purchase or sale of goods. (B) To facilitate trade transmission.
(C) To help, when parties are In need of fund (D) None of the three.
39. A bill is drawn on 27-6-2008, accepted on 28-6-2008 is payable 3 months after date. What is its due date? (A) 30-09-2008 (C) 01-10-2008 (B) 29-09-2008 (D) 28-09-2008. 40. On l5/8/09, X draws a bill on Y for 3 months for Rs. 20,000. 18th Nov was a sudden holiday, due date of the bill will be (A) 17th November (C) 19th November (B) 18th November (D) 15th November 41. When the bill of 03-01-2009 is made payable at 3 months after date, then the due date is Ideal for CA, CWA, M.Com./B.Com./A&F, XI & XII... Call: 900 4343 713
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(A) 03-04-2009 (B) 06-04-2009
(C) 05-04-2009 (D) 04-04-2009
42. Noting charges are paid at the time of a bill(A) Retirement. (C) Dishonour. (B) Renewal. (D) None of the above. 43. Our acceptance to Mr. R for Rs. 8,000 renewed for 3 months on the condition that Rs. 2,000 is paid in cash immediately and the remaining balance to carry out interest at 18% p.a. The amount of the renewed bill of exchange will be(A) Rs. 6,270 (C) Rs. 8,000 (B) Rs. 8,270 (D) None of the three 44. X draws a bill on Y for Rs. 20,000 on 117108 for 3 months after sight, date of acceptance is 6/10108. Due date of the bill will be(A) 8/1/09 (C) 10/1/09 (B) 9/1/09 (D) 11/l/09 45. A bill of 12,000 was discounted by A with the banker for 11,880. At maturity, the bill returned dishonoured, noting charges Rs 20. How much amount will the bank deduct from A's bank balance at the time of such dishonor? (A) 12,000 (C) 12,020 (B) 11,830 (D) 11,900 46. X sold goods to Y for Rs 1,00,000. Y paid cash Rs. 30,000. X will grant 2% discount on balance and Y request X to draw a bill for balance the amount of bill will be(A) 98,000 (C) 68,600 (8) 68,000 (D) 70,000 48. On 1/1/09, X draws a bill on Y for Rs. 50,000 for 3 months. X got the bill discounted on 4/1/09 @ 12%. The amount of discount on bill will be(A) 1,500 (C) 1,800 (B) 1,600 (D) 1,450 49. Priya sold goods to Nidhi for Rs 1,00,000. Priya will grant 5% discount to Nidhi. Nidhi requested Priya to draw a bill. The amount of the bill will be— (A) Rs. 1,00,000 (C) Rs. 93,800 (B) Rs. 95,000 (D) Rs. 90,000 50. A bill is drawn on 28-3-2009 for one month after sight. The date of acceptance is 2-4-2009. The due date of the bill will be --(A) 1-5-2009 (B) 28-4-2009
(C) 5-5-2009 (D) 2-5-2009
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