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Letters of Credit outstanding - this account arises out of the issuance of letters of credit for which the bank obligates itself to pay or guarantee payment. The bank has a right of recourse against the customer whose credit it substitutes.
Acceptance outstanding - this is similar to the account letters of credit outstanding except that it makes the bank's obligation more real than contingent. the bank will honor the drafts presented to it and will also have the right of recourse against the customer. The acceptance makes the instrument easily negotiable and more acceptable for discounting.
source:
Banking
theory and practice
by: Mercedes M. Leuterio & Consuelo B. Estepa
What else can I help you with?
What is meant by outstanding bills?
Outstanding bills are bills from before the current one which have still not been paid.
What is deliverable against acceptance?
In international banking, D/A or deliverable against acceptance refers to the instruction given by a goods exporter to the bank. It indicates that the documents are meant to be delivered only against drawee's acceptance of the draft.
What is the difference between outstanding assets and outstanding liabilities?
Outstanding assets are assets that are owed to an individual or business. Outstanding liabilities are debts that ill be incurred in the future.
What is the journal entry for outstanding salaries?
outstanding salaries a/c....................dr to outstanding expenses
Outstanding expenses under which group?
outstanding expences is an current liability
What is meant by outstanding bills?
Outstanding bills are bills from before the current one which have still not been paid.
What is deliverable against acceptance?
In international banking, D/A or deliverable against acceptance refers to the instruction given by a goods exporter to the bank. It indicates that the documents are meant to be delivered only against drawee's acceptance of the draft.
What is meant by tacit acceptance?
See: the Law dictionary definition. Bouvier's 1934 Black's 1952
What is meant by the statement 'acceptance must be made in reliance of the offer?
the four elements of the contract must be complete
What are the exceptions to final acceptance of contractor performance?
Exceptions to final acceptance of contractor performance typically include unresolved defects or deficiencies in the work that do not comply with contract specifications, outstanding claims or disputes, and failure to complete required documentation or deliverables. Additionally, if the project does not meet safety, regulatory, or quality standards, it may also affect final acceptance. These exceptions allow for the contractor to rectify issues before formal acceptance is granted.
What is helpful disease?
a helpful disease, not really. a disease is meant to harm you in a way, but maybeif you were born with an outstanding memory, then it could help.
What is meant by term non-performing loans?
A non performing loan is that loan whose maturity date has been past but a part of loan is still outstanding.
What does egregous mean?
outstanding, usually in the sense of outstanding mistake or outstanding lie
Flattering words that begins with o?
Outstanding is a compliment. It starts with the letter o.
What is outstanding assest?
outstanding assets
What are examples of acceptance?
Acceptance is...
What is the difference between outstanding assets and outstanding liabilities?
Outstanding assets are assets that are owed to an individual or business. Outstanding liabilities are debts that ill be incurred in the future.
