what is the meaning of LETTER OF CREDIT?

Answer Posted / harikrishnan

LETTER OF CREDIT IS AN INSTRUMENT ISSUED BY BUYER'S/IMPORTERS BANK TO THE BANK OF EXPORTER,AND GUARANTEEING THAT THEY WILL UNDER TAKE RESPONSIBILITY TO PERFORM THE OBLIGATION IF THE IMPORTER FAILS TO DO SO

Is This Answer Correct ?    17 Yes 3 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

why do you think you are sutable candidate for this post

1590


MAY I PREPARE TAX INVOICE FROM MFG UNIT TO RETAILER DIRECTLY?

1457


IS ACCOUNTING MBA AND FINANCE MBA SAME OR DIFRENT

1480


EXPAND___________NAC

1610


WHAT IS MEANT BY FACTORING, TRESURY BILLS,BULLS, BEARS

1781






A sample book on interviews is ready for free circulation with 7 chapters i.e Journal entries helpful for various occassions,Terminology,Abbreviations,Test your terminology,Multiple answers, Fill in blanks and Income tax send your requisition for Free Book Immediately to satyaki_raju@yahoo.co.in

1519


What is Spin-off & spilts

1594


what is investment banking

1473


What is the Accounts Payable & Accounts Receivable ?

1716


How can I explain p2p process in SAP?

2740


Expand-------NBTA

1657


what is cc limit and what role accountant play to maintain it?

1723


What is T+2 rolli g settlement cycle?

1992


what is the cost and financial accounting? what is double entry system ?

1678


Expand--------SOT

1857