Once accepted,a time draft becomes a(n):
A)asset for the drawee.
B)in-transit bill.
C)promise to pay by the accepting party.
D)bill of lading.

Name: Once accepted,a time draft becomes a(n): A)asset for the drawee. B)in-transit bill. C)promise to pay by the accepting party. D)bill of lading.
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Question

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When a time draft is presented to the drawee,he signifies acceptance of it by writing or stamping a notice of acceptance on its face.Once accepted,the time draft becomes a promise to pay by the accepting party.

Once Accepted,a Time Draft Becomes A(n)