See more. A banker's acceptance is a short-term issuance by a bank that guarantees payment at a later time. Acceptance sampling is the examination of a random sample from a population, to see if the number of issues found would allow the population from which it is drawn to be accepted. Implied acceptance can also be given through some conduct, act, etc. The debit transfers the amount due from the accounts receivable account to the bills receivable account on acceptance of the bill of exchange by the customer. The Securities and Exchange Commission does not approve of revenue recognition until the uncertainty surrounding customer acceptance has been resolved. Acceptance: All parties involved in a bill of exchange need to accept the terms and conditions implied in the bill and endorse their acceptance with signatures. Bank Account: It is also mandatory for a bill of exchange to mention the details of the bank where the drawee is required to pay the amount stated in the bill. Acceptance, short-term credit instrument consisting of a written order requiring a buyer to pay a specified sum at a given date to the seller, signed by the buyer as an indication of his intention to honour his obligation. Acceptances are traded at discounts from face value in the secondary market on the basis of the credit quality of the guaranteeing banks. However, the law does not allow silence to be a form of acceptance. The credit is to clear the customer’s accounts receivable account. 3] Acceptance must be communicated Acceptance definition, the act of taking or receiving something offered. Acceptance Now - no credit needed or long-term obligation for furniture, appliances, computers and electronics. The acceptance testing process is designed to … This means that revenue recognition may be predicated on the exact wording of sale agreements, where customers are allowed to withhold their approval subject to testing and other criteria. 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