ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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ACCEPTANCE Definition
ACCEPTANCE is a drawees promise to pay either a TIME DRAFT or SIGHT DRAFT. Normally, the acceptor signs his/her name after writing "accepted" (or some other words indicating acceptance) on the bill along with the date. That "acceptance" effectively makes the bill a promissory note, i.e. the acceptor is the maker and the drawer is the endorser.
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GROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc.
RETROACTIVE is to affect and modify things past, e.g. a retroactive tax increase.
