Q445
Drafts which are backed up by banks and are payable to seller of products or services are classified as
A.
banker acceptance
AnswerB.
secured acceptance
C.
unsecured acceptance
D.
economic acceptance
Answer: Option A
Solution
Answer: Option A
Solution:
Drafts which are backed up by banks and are payable to seller of products or services are classified as banker acceptance. A banker's acceptance requires the bank to pay the holder a set amount of money on a set date.