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5.Which of the following is true regarding notes receivable (N/R)?
a. A N/R is always a long term asset
b A N/R is always a current asset
c. A note is a more formal document than an accounts receivable
d. A note is a less formal doucment than an accounts receivable

Submitted: 1081 days and 9 hours ago.

Category: Finance

Value: $15

Status: CLOSED

Optional Information:
Oak Park, Michigan

Already Tried:
A note is more formal than an accounts receivable

Accepted Answer

c. A note is a more formal document than an accounts receivable
Notes Receivable situation means there is a formal document drawn up that often is collaterized, has a specific term, interest rate, and has to be paid on a regular basis. so it is more formal than AR

Accepts:
Expert:	RD
Pos. Feedback:	99.3 %
Answered:	12/8/2006

Certified Public Accountant (CPA)

MBA, CPA

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5.Which of the following is true regarding notes receivable (N/R)? a. A N/R is always a long term asset b A N/R is always a current asset c. A note is a more formal document than an accounts receivable d. A note is a less formal doucment than an accounts receivable

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Optional Information: Oak Park, MichiganAlready Tried: A note is more formal than an accounts receivable

Accepted Answer

c. A note is a more formal document than an accounts receivable Notes Receivable situation means there is a formal document drawn up that often is collaterized, has a specific term, interest rate, and has to be paid on a regular basis. so it is more formal than AR

Related Finance Questions

5.Which of the following is true regarding notes receivable (N/R)?
a. A N/R is always a long term asset
b A N/R is always a current asset
c. A note is a more formal document than an accounts receivable
d. A note is a less formal doucment than an accounts receivable

Optional Information:
Oak Park, Michigan

Already Tried:
A note is more formal than an accounts receivable

c. A note is a more formal document than an accounts receivable
Notes Receivable situation means there is a formal document drawn up that often is collaterized, has a specific term, interest rate, and has to be paid on a regular basis. so it is more formal than AR