Bills of Exchange: Terms and its Importance

This set of MCQs helps students to learn about various important things such as, stating the meaning of the bill of exchange and a promissory note, distinguishing between a bill of exchange and a promissory note, stating the advantages of the bill of exchange, explaining the meaning of different terms involved in the bill transaction, record bill of exchange transactions in the journal, record transactions relating to dishonor, retirement and renewal of bill, describe the uses of bill receivable and bill payable book, state the meaning and use of accommodation bill.