A Promissory Note Is a Written Contract Between a Supplier

question 175

True/False

A promissory note is a written contract between a supplier and a business customer, with a promise that customer will pay supplier a specified amount by a certain date.

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Definitions:

Specific Identification

An inventory valuation method in which the cost of each specific item in inventory is tracked and used to calculate cost of goods sold.

LIFO

Last In, First Out, a method of inventory accounting where items produced last are considered the first to be sold.

FIFO

FIFO, or First-In, First-Out, is an inventory valuation method where goods first added to inventory are the first to be sold.

IFRS

International Financial Reporting Standards, a set of accounting standards that provide a global framework for how public companies prepare and disclose their financial statements.