A Note Is Signed on April 15,2013 at 9% for 216

question 59

Multiple Choice

A note is signed on April 15,2013 at 9% for 216 days.The maturity date will be:

• A)November 15.
• B)November 16.
• C)November 17.
• D)November 18.

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Definitions:

Contra Account

An account used in accounting to offset or reduce the balance of a related principal account.

Prepaid Expenses

Costs paid in advance for goods or services to be received in the future, which are recorded as assets until they are consumed.

Accrued Expenses

Expenses that have been incurred but not yet paid for, often recognized in the accounting period they are incurred.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting, which may or may not align with the calendar year.