The Acquisition of a Building by Issuing a Mortgage Note

question 96

True/False

The acquisition of a building by issuing a mortgage note payable would be considered an investing and financing activity that did not affect cash and would be reported in the notes to the financial statements.

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Definitions:

Fractions

Number expressions of one or more equal parts of whole units.

Improper Fractions

Improper fractions are fractions where the numerator (the top number) is greater than or equal to the denominator (the bottom number), representing a value equal to or greater than one.

Mixed Numbers

A number consisting of an integer and a proper fraction.

Improper Fractions

Fractions where the numerator is greater than or equal to the denominator, resulting in a value greater or equal to one.