X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?
Correct answer: A. 4-4-2013
- A. 4-4-2013
- B. 3-4-2013
- C. 1-4-2013
- D. 31-3-2013
Explanation
Three calendar months from 1 January end on 1 April, and the usual three days of grace are added to a bill's maturity. Thus, the due date is 4 April 2013.
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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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