Term
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Definition
| written promise to pay a certain sum of money on a specific date |
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Term
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Definition
| the amount being borrowed |
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Term
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Definition
| specific day on which the note must be paid |
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Term
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Definition
| the length of time the borrower has to repay the note |
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Term
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Definition
| the amount written on the facoe of the note |
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Term
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Definition
| the person or business to whom the note is payable |
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Term
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Definition
| fee charged for the use of money |
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Term
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Definition
| the person promising to repay the principal plus interest |
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Term
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Definition
| a note that requires the principal plus interest to be repait at maturity |
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Term
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Definition
| a promissory note that a business accepts from a customer |
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Term
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Definition
| the period of time between the date the note receivable is sold to the bank and the maturity date of the note |
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Term
| Accrual Basis of Accounting |
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Definition
| recognizes revenue when earned and expenses when incurred |
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Term
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Definition
| the bank charge to the endorser for a dishonored, discounted note |
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Term
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Definition
| the maturity value minus the bank discount |
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Term
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Definition
| exists when the endorser of a discounted note agrees to pay the note at maturity if it is not paid by the maker |
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Term
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Definition
| interest charge the bank deducts in advance at the time the note is issued |
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Term
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Definition
| revenue earned but not yet received or recorded |
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Term
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Definition
| note that is not paid or renewed at the maturity date |
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Term
| Discounting Notes Receivable |
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Definition
| selling notes receivable to a bank for cash rather than holding them until maturity |
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Term
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Definition
| date on which the note is written |
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Term
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Definition
| the principal plus the interest that must be paid |
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Term
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Definition
| the accountant is conservative when reporting the financial condition of a company |
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Term
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Definition
| order by by one party (drawer) to another party (drawee) to pay a certain sum of money to a third party (payee) |
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Term
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Definition
| the amount of interest expressed as a percentage of the principal |
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Term
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Definition
| financial document that transfers ownership from one person to another |
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Term
| Notes Receivable Past Due |
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Definition
| note that has been dishonored |
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