Which of these is not an essential feature of a bill of exchange?

✅ B. Return inwards

Option A : Return outwords Option B : Return inwards Option C : cost of goods sold Option D : carriage on sales Correct Answer : Return inwards Read more

✅ A. Mistake in Cash Book

Option A : Mistake in Cash Book Option B : Mistake in Pass Book Option C : Cheque issued but not presented for payment Option D : Cheques deposited but not cleared Correct Answer : Mistake in Cash Book Read more

✅ C. Cash discount

Option A : Trade discount Option B : Prompt payment discount Option C : Cash discount Option D : Bulk discount Correct Answer : Cash discount Read more

✅ C. On the liabilities side under current liabilities

Option A : On the assets side under current assets Option B : On the assets side under loans and advances Option C : On the liabilities side under current liabilities Option D : On the liabilities side under provisions Correct Answer : On the liabilities side under current liabilities Read more

✅ D. To bring out the reasons for the difference between the Balance as per Cash Book and the Balance as per Bank Statement

Option A : To rectify the mistakes in the Cash Book Option B : To arrive at the Bank Balance Option C : To arrive at the Cash Balance Option D : To bring out the reasons for the difference between the Balance as per Cash Book and the Balance as per Bank Statement Correct Answer : To bring out… Read more

✅ C. Damage paid on account of breach of a contract to supply certain goods

Option A : 1000 paid for the execution of a new plant Option B : Loss of 10,000 incurred in increasing the sitting accommodation of a hotel Option C : Damage paid on account of breach of a contract to supply certain goods Option D : Repair to machinery purchased, second hand. Correct Answer : Damage paid on account of… Read more

✅ B. Contra entry

Option A : Cash entry Option B : Contra entry Option C : Payment entry Option D : Compound entry Correct Answer : Contra entry Read more

✅ B. For mutual financial accommodation

Option A : Genuine trade reasons Option B : For mutual financial accommodation Option C : To help augment money supply Option D : All the three Correct Answer : For mutual financial accommodation Read more