CA Foundation Exam > CA Foundation Questions > Bill at sight means the instance at which ___...
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Bill at sight means the instance at which ____
- a)No time for payment is mentioned in the bill
- b)The payment is to be made on demand at any time
- c)The payment is made after a particular time
- d)Both (a) & (b)
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Bill at sight means the instance at which ____a)No time for payment is...
Explanation:
Bill at sight is a type of payment term used in international trade. In this type of payment term, the seller (exporter) demands payment from the buyer (importer) on demand, i.e., as soon as the buyer receives the goods or documents. Let us understand the given options:
(a) No time for payment is mentioned in the bill: This statement is partially correct because no specific time for payment is mentioned in the bill at sight. However, it does not completely define the term.
(b) The payment is to be made on demand at any time: This statement is correct and defines the term 'bill at sight'. The payment is made on demand as soon as the buyer receives the goods or documents.
(c) The payment is made after a particular time: This statement is incorrect. The term 'bill at sight' means the payment is made on demand, not after a particular time.
(d) Both (a) and (b): This statement is correct. Option (a) is partially correct, and option (b) fully defines the term 'bill at sight'. Therefore, option (d) is the correct answer.
Conclusion:
In conclusion, the term 'bill at sight' means the payment is made on demand, as soon as the buyer receives the goods or documents. The buyer has no time to delay the payment, and the seller can demand payment at any time.
Bill at sight is a type of payment term used in international trade. In this type of payment term, the seller (exporter) demands payment from the buyer (importer) on demand, i.e., as soon as the buyer receives the goods or documents. Let us understand the given options:
(a) No time for payment is mentioned in the bill: This statement is partially correct because no specific time for payment is mentioned in the bill at sight. However, it does not completely define the term.
(b) The payment is to be made on demand at any time: This statement is correct and defines the term 'bill at sight'. The payment is made on demand as soon as the buyer receives the goods or documents.
(c) The payment is made after a particular time: This statement is incorrect. The term 'bill at sight' means the payment is made on demand, not after a particular time.
(d) Both (a) and (b): This statement is correct. Option (a) is partially correct, and option (b) fully defines the term 'bill at sight'. Therefore, option (d) is the correct answer.
Conclusion:
In conclusion, the term 'bill at sight' means the payment is made on demand, as soon as the buyer receives the goods or documents. The buyer has no time to delay the payment, and the seller can demand payment at any time.
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