Maharashtra State BoardHSC Arts 12th Board Exam
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Give Word / Term Or Phrase for the Following Statement. Acceptance Without Making Any Change in the Terms of a Bill. - Book Keeping and Accountancy

One Word Answer

Give word / term or phrase for the following statement.
Acceptance without making any change in the terms of a bill.

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Solution

General acceptance
Explanation: When the drawee of the bill accepts the bill by writing the word 'Accepted' and then signs the bill, it is known as general acceptance.

Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 9 Bill of Exchange (Trade Bill)
Exercise | Q 6 | Page 316
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