An Acceptance Is a Receivable from the Sale of Merchandise

question 144

True/False

An acceptance is a receivable from the sale of merchandise on the basis of a draft or bill of exchange drawn against the buyer or the buyer's bank.

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Definitions:

New York Fed

A key component of the Federal Reserve System, responsible for regulating and implementing monetary policy in the Federal Reserve District of New York.

FOMC

The Federal Open Market Committee, which is responsible for setting monetary policy in the United States, including interest rates and money supply targets.

Federal Reserve Board Governors

Members of the board that oversees the Federal Reserve System, responsible for setting monetary policy, including interest rates, in the United States.

Federal Reserve Board Of Governors

The governing body of the Federal Reserve System, responsible for overseeing the Federal Reserve banks and setting monetary policy.