Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. [July 2024, 2 Marks]
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Theoretical FrameworkQ-2 | Accounting StandardsQuestion 4988 of 110
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Detailed Solution & Explanation
True: In case of promissory note the amount is paid by its maker, while in case of bill of
exchange the amount is paid by the acceptor.
About This Chapter: Theoretical Framework
Paper
Paper 1: Accounting
Weightage
5-10%
Key Topics
Policies, Standards (Ind AS), Vocabulary
This chapter covers Policies, Standards (Ind AS), Vocabulary and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 5-10% weightage. Focus on understanding core concepts rather than memorizing.
Key Concepts to Understand
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