IIA-CIA-Part3 Exam Dumps | The credit instrument known as a banker's acceptance:

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Question 102/152

The credit instrument known as a banker's acceptance:

A. Calls for immediate payment upon delivery of the shipping documents to the bank's customer and acceptance of Hoods by the bank.

B. Involves an invoice being signed by the banker upon receipt of goods, after which both the banker and the seller record the transaction on their respective books.

C. Is a time draft payable on a specified date and guaranteed by the bank.

D. Is a method of sales financing in which the bank retains title to the goods until the buyer has completed payment.

Correct Answer: C

A time draft trade acceptance) is a form of commercial draft because it is drawn by a seller on the buyer: that is, it calls for the buyer to pay a specified amount. The draft and the shipping documents related to the goods are then sent to the buyer's bank, which transmits the draft to the buyer. The buyer effects the draft by signing it. A time draft, however, is similar to a promissory note because it is payable at a specific time in the future rather than upon acceptance by the buyer, which is characteristic of a sight draft. If a seller is reluctant to ship goods because of concern about the buyer's ability to pay a time draft, the seller's bank may, for a fee, guarantee payment. This banker's acceptance is an assumption of the obligation to pay at the due date.

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