ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
From the web's #1 provider of financial analysis / ratio analysis
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.
Learn new Accounting Terms
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.