The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
Correct answer: B. The person responsible for dishonour
- A. The drawer of the bill
- B. The person responsible for dishonour
- C. The holder of the bill
- D. The endorser of the bill
Explanation
Noting charges are ultimately recoverable from the party responsible for the dishonour, normally the acceptor or drawee. The holder may pay the notary initially, but does not bear the expense finally.
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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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