Which of these is not an essential feature of a bill of exchange?
Correct answer: D. Amount to be paid in foreign currency
- A. Unconditional
- B. Certainty of amount
- C. In writing
- D. Amount to be paid in foreign currency
Explanation
A bill of exchange must be written, contain an unconditional order, and state a certain sum of money. Payment in foreign currency is not essential, since a bill may be drawn in domestic currency.
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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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