Tag: accounting for bills of exchange transaction

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Multiple choice accountancy accounting for bills of exchange transaction nature, advantages and types of cheques meaning, definition and characteristics of promissory note promissory note

A Promissory Note or Bill of Exchange can be made payable ___________.

  1. On demand

  2. On a specified date

  3. After a specified period - months or days

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Promissory notes and bills of exchange can be drawn payable on demand, on a specific future date, or after a certain period of time (usance).