Accounting Quiz or Test Your Accounting Knowledge on Bills of Exchange

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 bill with a face value of $5,000 is discounted for $4,750?


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