This means that revenue recognition may be predicated on the exact wording of sale agreements, where customers are allowed to withhold their approval subject to testing and other criteria. The credit is to clear the customer’s accounts receivable account. Implied acceptance can also be given through some conduct, act, etc. 3] Acceptance must be communicated What is Customer Acceptance Uncertainty? This approach does not measure the relative quality of a population. Acceptance: All parties involved in a bill of exchange need to accept the terms and conditions implied in the bill and endorse their acceptance with signatures. However, the law does not allow silence to be a form of acceptance. Acceptance, short-term credit instrument consisting of a written order requiring a buyer to pay a specified sum at a given date to the seller, signed by the buyer as an indication of his intention to honour his obligation. The Securities and Exchange Commission does not approve of revenue recognition until the uncertainty surrounding customer acceptance has been resolved. The debit transfers the amount due from the accounts receivable account to the bills receivable account on acceptance of the bill of exchange by the customer. Acceptance sampling is the examination of a random sample from a population, to see if the number of issues found would allow the population from which it is drawn to be accepted. Easy monthly payments or own with early purchase. Acceptance Testing: A functional trial performed on a product before it is put on the market or delivered to the purchaser. Receive Payment of the Bills Receivable. Acceptance definition, the act of taking or receiving something offered. Bank Account: It is also mandatory for a bill of exchange to mention the details of the bank where the drawee is required to pay the amount stated in the bill. 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