Accounting Quiz or Test Your Accounting Knowledge on Bills of Exchange

Tweet Refresh or test your accounting knowledge on bills of exchange: QUESTIONS:1.0  Define a bill of exchange 2.0  Explain the process of “discounting” a bill of exchange 3.0  “Bills receivable” in the books of a business record amounts of money owing to the business. True or false? 4.0  What are the accounting entries when a […]

Questions On Bill Of Exchange

Tweet Some financial mathematic questions on bills of exchange: FINANCIAL MATHEMATICS QUESTIONS ON BILLS OF EXCHANGE 1 A Bill of Exchange for $4,000 was drawn on 1 January 1980 for six months and discounted on 5 February 1980. Calculate the Banker’s Discount at 12% per annum 2 (a)    What is the Banker’s Discount on a […]