Which of the Following Statements,regarding Notes Receivable,is Incorrect

question 50

Multiple Choice

Which of the following statements,regarding notes receivable,is incorrect?

• A) Notes receivable usually have longer terms than accounts receivable.
• B) A notes receivable is a written promise that a customer will pay a fixed amount of principal plus interest by a certain date in the future.
• C) All notes receivable are considered long-term assets.
• D) Notes receivable are sometimes called promissory notes.

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