Answer the following statements true (T) or false (F)
1) Companies should not sell merchandise in exchange for notes receivable.
2) When a company accepts a promissory note from a customer who cannot pay an accounts receivable, the company will credit Notes Receivable.
3) If the maker of the note fails to pay on the maturity date, the note is said to be dishonored.
4) If the maker of the note does not pay at maturity, the note has expired and is no longer in force.
1) FALSE -n: Some companies sell merchandise in exchange for notes receivable.
2) FALSE - When a company accepts a promissory note from a customer who cannot pay an accounts receivable, the company will credit Accounts Receivable.
3) TRUE
4) TRUE
You might also like to view...
The cost of computer hardware to be purchased for a new system is an example of a(n) ____ cost for that system
a. direct cost b. indirect cost c. intangible cost d. recurring cost
Once you land that first job, you should take a brief break from mapping your career path; instead focus on your current job duties
Indicate whether the statement is true or false
If the predecessor auditors do not reissue their audit report on comparative financial statements, the successor auditors should:
A. Express a qualified opinion on the comparative financial statements audited by the predecessor auditors. B. Refer to the report of the predecessor auditors. C. Reproduce the predecessor auditors' report and include it with the new set of financial statements. D. Have the client omit the comparative financial statements.
An important cultural factor that could inhibit a worker's willingness to share decision making is a society that values
A) collectivism. B) aggressiveness. C) equal distribution of power. D) profit making.