What Is the Distinguishing Characteristic Between Accounts Receivable and Notes

question 165

Multiple Choice

What is the distinguishing characteristic between accounts receivable and notes receivable?

• A)Accounts receivable are usually current assets,while notes receivable are usually long-term assets.
• B)Accounts receivable require payment of interest if not paid within the usual credit terms.
• C)Notes receivable result from credit sale transactions for merchandising companies,while accounts receivable result from credit sale transactions for service companies.
• D)Notes receivable result from a written promise to pay within a specified amount of time.

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