The Words "Value Received" Inserted on the Face of a Promissory

question 31

Short Answer

The words "value received" inserted on the face of a promissory note mean that ____________________ was given for the instrument.

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Definitions:

Proprietorship

A business structure owned by a single individual, where the owner and the business are legally treated as the same.

Basic Accounting Equation

Assets equal liabilities plus equity; the foundational equation in accounting expressing the principle of balance in a firm's financial position.

Owner's Equity

The remaining value of a company's assets after all liabilities have been subtracted, indicating the stake of ownership in the enterprise.

Assets

Economic resources or owned valuables that are expected to provide future benefits to a business.