An Unconditional Written Promise to Pay a Definite Sum of Money

question 38

Multiple Choice

An unconditional written promise to pay a definite sum of money on demand or on adefined future date (or dates) is a(n) :

• A)Unearned revenue.
• B)Promissory note.
• C)Account payable.
• D)Account receivable.
• E)Prepaid expense.

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Definitions:

Mandatory Standards

Regulations and criteria that must be followed and met by products, services, or activities, often for safety, health, or environmental reasons.

Pure Food and Drugs Act

An early 20th-century law aimed at regulating the labeling and safety of food and pharmaceuticals in the United States.

Food and Drugs

Pertains to regulations and standards that govern the safety, efficacy, and labeling of food, drugs, and cosmetics to protect public health.

Federal Legislation

Laws enacted by the national government of a country, in the case of the United States, laws passed by Congress and signed by the President.