An Instrument Is Payable at a Definite Time If It

question 22

Multiple Choice

An instrument is payable at a definite time if it is payable:

• A) on or before a stated date.
• B) at a fixed period after a stated date.
• C) at a fixed period after sight.
• D) all of the above.

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Definitions:

Assets

Resources owned or controlled by a business that are expected to bring future economic benefits.

Accrual Basis

An accounting method where transactions are recorded when they occur, regardless of when cash is exchanged, focusing on economic events rather than cash flow.

Ledger

A book or collection of financial accounts where double-entry bookkeeping transactions are recorded, including assets, liabilities, revenue, and expenses.

Updating

The act of revising or refreshing information to reflect the most current data available.