What does COC mean in ACCOUNTING
COC stands for Cash On Confirmation. This is a type of payment method that is often used in wholesale orders. In this method, the buyer pays for goods when they are delivered and either accepted or rejected by them. COC is a popular payment option for buyers because it allows them to inspect the product before actually paying for it and makes sure that only quality goods are purchased.
COC meaning in Accounting in Business
COC mostly used in an acronym Accounting in Category Business that means Cash On Confirmation
Shorthand: COC,
Full Form: Cash On Confirmation
For more information of "Cash On Confirmation", see the section below.
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Essential Questions and Answers on Cash On Confirmation in "BUSINESS»ACCOUNTING"
What is COC?
COC stands for Cash On Confirmation. It is a form of payment system where the buyer pays for an order after inspecting it at delivery.
Is COC a secure payment option?
Yes, as the buyer must inspect their order before making any payments, it provides an extra layer of security against receiving and purchasing low-quality items or services.
Does COC apply to online orders?
No, this form of payment mostly applies to wholesale orders placed directly with the seller. It does not generally apply to online purchases made through third-party websites or other platforms.
How does COC work?
The buyer places an order with a seller and pays for it once it has been received and inspected by them. After inspection, if both parties are satisfied with the product, then the buyer will make the payment and complete the transaction.
What type of products can be bought via COC?
Generally speaking, almost any product can be bought with this form of payment provided that both parties agree on it beforehand.
Final Words:
COC is fast becoming one of the most popular payment methods among businesses due to its practicality and added security features which allow buyers to inspect their order before committing to making any payments at all.
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