Question

Which of these scenarios best describe an open account?

A: Goods are shipped to the importer with terms of remittance in 30, 60, or 90 days.
B: The exporter (seller) receives payment in advance through wire transfers, credit cards, or Internet escrow accounts, similar to PayP/al.
C: A bank commi/ts to the exporter to pay for the goods on behalf of the importer as long as the terms of the sale are met.
D: Goods are shipped to the importer/buyer for resale to other customers. Good are paid for only when the goods have been sold.

Answer 1

Answer:it is A

Explanation:

Just took the test. Goods are shipped to the importer with terms of remittance in 30,60, or 90 days.

Answer 2

Goods are shipped to the importer with positions of remittance in 30, 60, or 90 days is scenarios best describe an open account. The remittance is paid to the importer.

What is open account?

Open account is the sales transaction where the goods are delivered before the payment is due. This is beneficial for the importer, but it involves the high risk to the exporter.

It is also called account  payable by the bearer. The example of Open account is trade credit which is not fully pay off, a deferred cost schedule for an goods, a past due account.

Thus, option A is correct.

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