Both Accounts Payable and Notes Payable Are Both Informal Promises

question 87

True/False

Both Accounts Payable and Notes Payable are both informal promises to pay.

---

Definitions:

Safe Harbor

A provision in a law or regulation that provides protection from liability or penalty under specific situations or conditions.

Corporate Manager

An individual responsible for leading, directing, and overseeing the operations and strategy of a corporation.

Insider Trading

Using inside information to either cheat the corporation or take unfair advantage of corporate outsiders.

Material

The substance or substances from which a thing is or can be made, often used in contexts involving physical objects or the fabric of physical, tangible items.