📒Accounting MCQs
Accounting MCQs
397 MCQs361
Which of these are not required in a promissory note?
AAcceptance
BUnconditional promise to pay
CProperly stamped
DPayment to be made legal currency
362
A foreign bill of exchange is generally drawn up in___________?
ATriplicate
BDuplicate
CSingle
DQuadruplicate
363
Which of these is not an essential feature of a bill of exchange?
AUnconditional
BCertainty of amount
CIn writing
DAmount to be paid in foreign currency
364
Negotiable Instrument Act was enacted in_________?
A1981
B1881
C1871
D2001
365
How many parties are generally found in a Bill of Exchange?
A4
B2
C3
D5
366
Which of the following is not a feature of a promissory note?
AIt must be in writing
BIt contains an unconditional promise to pay
CAccording to the Negotiable Instrument Act, promissory note is not payable to the bearer. It must contain an order to pay. So this is not the characteristic of promissory note. Other options are the characteristics of promissory note.
DIt must be signed by the maker
367
Unpresented checks also referred as____________?
AUncollected checks
BUncredited checks
COutstanding checks
368
In the Bank reconciliation statement “Deposit in transit” is usually:
ASubtracted from bank balance
BAdded to bank balance
CAdded to Cash book balance
DSubtracted from cash book balance
369
Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
ACash receipt journal
BCash payment journal
CCash book
DFinancial statements
370
Favorable balance of cash book implies that
ACredit balance of cash book
BDebit balance of cash book
CBank overdraft
DAdjusted balance of cash book