Short-Term Notes Payable Represent a Written Promise by the Business

question 39

True/False

Short-term notes payable represent a written promise by the business to pay a debt,without the addition of interest,within one year or less.

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Definitions:

General Journal

A comprehensive accounting ledger that records all financial transactions of a company in chronological order before they are transferred to specific accounts.

General Ledger

A collection of a company's financial accounts, where transactions are recorded in separate accounts to maintain a comprehensive financial record.

Explanation Column

A column in accounting ledgers or financial reports where details are provided to explain the nature or reason for a transaction.

Computerized Accounting System

A software-based method that provides automatic bookkeeping and accounting for business transactions, improving accuracy and efficiency over manual methods.