Monies Owed to a Company on a Written Promise to Pay

question 35

Multiple Choice

Monies owed to a company on a written promise to pay a fixed amount of money by a certain date would be called a(n) :

• A)note payable.
• B)note receivable.
• C)account payable.
• D)account receivable.

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Definitions:

Federal Crown Corporation

A type of corporation in Canada that is federally chartered and owned by the government to conduct various commercial activities and services.

Translation Exposure

Financial risk associated with the translation of foreign currency financial statements into a single reporting currency.

Exchange Rate Risk

The potential loss to a company's finances or operations due to changes in the exchange rate between currencies.

Financial Statement

Formal records of the financial activities of a business, person, or other entity, presenting the financial performance and position at a specific point in time.