If a Note Receivable Is Outstanding at the End of an Accounting

question 203

True/False

If a note receivable is outstanding at the end of an accounting period,the interest earned up to year-end is recorded as interest revenue when the cash is received.

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Definitions:

Convicted

A legal status indicating that a person has been found guilty of a crime by a court or jury.

Actus Reus

Guilty act. The commission of a prohibited act is one of the two essential elements required for criminal liability, the other element is the intent to commit a crime.

Mens Rea

Wrongful mental state or intent. A wrongful mental state is a requirement for criminal liability. What constitutes a wrongful mental state varies according to the nature of the crime.

Arson

The criminal act of deliberately setting fire to property, often with the intent to cause damage or harm.