ACC-291 Week 1 Quiz.docx - University of Phoenix ACC/291...

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ACC-291 Week 1 Quiz.docx

University of PhoenixACC/291Week 1 Practice QuizWhat type of receivable is evidenced by a formal instrument and normally requires the payment of interest?A note receivableAn account receivablePast-due accounts receivablesA trade receivable
When is a receivable recorded by a service organization?
When service is provided on accountAt what value are accounts receivable reported on the balance sheet?
Short-term notes receivable are reported at their cash (net) realizable value.
Which one of these statements about promissory notes isincorrect?The party to whom payment is to be made is called the payee.A promissory note is not a negotiable instrument.A promissory note is more liquid than an account receivable.The party making the promise to pay is called the maker.

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