When a Note Is Payable in Installments,the Installments Must Be

question 35

True/False

When a note is payable in installments,the installments must be separately recorded in two different accounts-Short-term notes payable and Long-term notes payable-depending on the due dates of the installments.

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Definitions:

Inclinometer

Used to make angular measurements on driveline components and drivelines; may use a liquid level, laser, or electronic operating principle.

Chassis

The base frame of a vehicle but the term is often used to describe the complete vehicle.

Friction Facings

Materials attached to the surface of clutch and brake components to enhance friction and improve the transfer of force.

Asbestos Facings

Materials containing asbestos used in some brake and clutch systems for their heat resistance properties, now largely replaced due to health risks associated with asbestos inhalation.