Which of the Following Statements Is Not True When FLK

question 99

Multiple Choice

Which of the following statements is not true when FLK Company discounts a note receivable to the bank?

• A)FLK may ultimately have to pay the bank when the note is due.
• B)If the maker of the note pays the bank on time,no liability will result to FLK.
• C)FLK will receive the maturity value from the bank.
• D)A contingent liability arises for FLK.

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