Download App

Bills of Exchange — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBills of Exchange1 Mark
Question
“I owe you ₹ 50,000”. Is it a promissory note?
✓

Answer

It is not a promissory note because it is merely an acknowledgement of debt and there is no promise to pay.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Bills of Exchange→Bills of Exchange — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

What are the main classes of Liabilities?
→
Explain the meaning of posting of journal entries?
→
Explain the meaning of the following term:
Liability.
→
What is meant by GAAP?
→
Explain Capital briefly.
→
What is an invoice?
→
Miss Priti. an electronic goods dealer, gifted a washing machine valued ₹ 325,000 to her friend Suruchi. Will it be recorded in the books of accounts?
→
What is meant by Dishonour of a Bill of Exchange?
→
Meena is owner of a Restaurant. She paid son's fees from her personal bank account ₹`20,000. Whether this constitute her Business Transaction? Give reason.
→
Why the entire life of business is divided into time intervals?
→