When a time draft is drawn on and accepted by a business firm,it is called a(n):
A) trade acceptance
B) in-transit
C) banker's acceptance
D) bill of lading
E) commercial acceptance

Question

Quizplus · Accepted Answer

When a time draft is drawn on and accepted by a business firm, it is called a trade acceptance. This means that the business has agreed to pay the amount specified on the draft at a future date.

When a Time Draft Is Drawn on and Accepted by a Business