Negotiable Instrument Act was enacted in_________?
Correct answer: B. 1881
- A. 1981
- B. 1881
- C. 1871
- D. 2001
Explanation
The Negotiable Instruments Act was enacted in 1881 and governs instruments such as bills of exchange, promissory notes, and cheques. The year 1981 is a common numerical reversal trap.
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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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