Of the Four Parts of the AICPA's Code of Professional

question 116

Multiple Choice

Of the four parts of the AICPA's Code of Professional Conduct, which part is enforceable?

• A)Ethical Rulings
• B)Rules of Conduct
• C)Principles
• D)Interpretations

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Definitions:

Note Receivable

A written promise or obligation for the payment of a certain sum of money to the holder on demand or at a specified future date.

Interest Receivable

The revenue from interest that has been earned but not yet received, recorded as an asset on the balance sheet.

Discounts Own Note

A transaction where a business discounts or reduces the value of its own promissory note, often to raise short-term capital.

Notes Payable

Written promises to pay a specified sum of money, typically to a lender, by a certain date.