Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. A foreign bill of exchange is generally drawn up in —
a. Triplicate ;
b. Duplicate ;
c. Single ;
d. Quadruplicate
Q. Which of these are not required in a promissory note
a. Acceptance ;
b. Unconditional promise to pay ;
c. Properly stamped;
d. Payment to be made legal currency
Q. Accommodation bills are generally for —
a. Genuine trade reasons ;
b. For mutual financial accommodation;
c. To help augment money supply ;
d. All the three
Q. Which of these is not true about a promissory note
a. Unconditional promise ;
b. Crossing ;
c. Certainty of amount ;
d. Payee to a certain person
Q. Drawee means a person who –
a. Makes the order ;
b. Accepts it ;
c. Takes the payment on due date ;
d. Creditor
Q. Retirement of a bill of exchange means —
a. Cancellation of bill ;
b. Premature payment of bill ;
c. Discounting of bill;
d. Endorsement of bill
Q. Early payment of a Bill of Exchange is known as —
a. Retirement ;
b. Renewal ;
c. Discount ;
d. Endorsement
Q. On early retirement of a B/E who suffers loss of interest –
a. Drawee ;
b. Drawer ;
c. Payee ;
d. None
Q. Loss of goods in transit is borne by—
a. Consignee ;
b. Consignor ;
c. Both (a) and (b) proportionately ;
d. Insurance company
Q. A consignor is entitled to ——————
a. Profit on consignment ;
b. Commission on Sales ;
c. Reimbursement of expenses
d. Interest on capital
Q. A consignee is entitled to ———————
a. Commission on sales ;
b. Reimbursement of the expenses ;
c. Del credere commission;
d. All of these
Q. Which of these is a normal loss —
a. Loss in weight due to weather conditions ;
b. Shortage during transit ;
c. Breakage during handling ;
d. Loss in value due to market conditions
Q. Del credere commission is allowed to —
a. Consignee ;
b. Consignor ;
c. Agent of consignee ;
d. Debt collection agency