Notes or Accounts Receivables That Result from Sales Transactions Are

question 53

Multiple Choice

Notes or accounts receivables that result from sales transactions are often called

• A) sales receivables.
• B) non-trade receivables.
• C) trade receivables.
• D) merchandise receivables.

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Definitions:

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money, either on demand or at a specified future date.

Fraudulently Changes

The act of deceitfully altering information or documents with the intent to gain an unauthorized benefit or to deceive others.

Forged Indorsement

occurs when someone unlawfully signs another person's name on a financial document, such as a check, without authorization.

Revised Article 3

Amendments and updates to Article 3 of the Uniform Commercial Code (UCC), which primarily deals with negotiable instruments like checks.