61 the person who signs a note receivable and promises to pay the principal and inte 4299074
61. The person who signs a note receivable and promises to pay the principal and interest is the:
62. The accounting principle that requires financial statements (including notes) to report all relevant information about the operations and financial condition of a company is called:
B. Full disclosure.
63. A promissory note:
A. Is a short-term investment for the maker.
B. Is a written promise to pay a specified amount of money at a certain date.
C. Is a liability to the payee.
D. Is another name for an installment receivable.
E. Cannot be used in payment of an account receivable.
64. The maturity date of a note receivable:
A. Is the day of the credit sale.
B. Is the day the note was signed.
C. Is the day the note is due to be repaid.
D. Is the date of the first payment.
E. Is the last day of the month.
65. The interest accrued on $6,500 at 6% for 60 days is:
66. A 90-day note issued on April 10 matures on:
A. July 9.
B. July 10.
C. July 11.
D. July 12.
E. July 13.
67. A company receives a 10%, 90-day note for $1,500. The total interest due on the maturity date is:
68. A company borrowed $10,000 by signing a 180-day promissory note at 11%. The total interest due on the maturity date is.
69. A company borrowed $10,000 by signing a 180-day promissory note at 11%. The maturity value of the note is:
70. The buyer who purchases and takes ownership of another company's accounts receivable is called a: