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Write True Or False Acceptance Without Making Any Change in the Terms of a Bill is Called General Acceptance. - Book Keeping and Accountancy

MCQ
True or False

Write True or False.
Acceptance without making any change in the terms of a bill is called general acceptance.

Options

  • True

  • False

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Solution

True
Explanation:
 When a bill of exchange is accepted without altering the terms of the bill, it is known as general acceptance, whereas when the terms of a bill of exchange are altered, it is known as qualified acceptance.

Concept: Acceptance of Bill
  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 9 Bill of Exchange (Trade Bill)
Exercise | Q 5 | Page 316
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