A foreign bill of exchange is generally drawn up in___________?
Correct answer: C. Triplicate
- A. Single
- B. Duplicate
- C. Triplicate
- D. Quadruplicate
Explanation
A foreign bill is generally drawn in a set of three identical parts, called triplicate, to reduce the risk of loss in international transmission. Only one part is ultimately used for payment.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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Accounting is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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