Notes Can Be Discounted;the Accounts Receivable Represented by Notes Are

question 9

Multiple Choice

Notes can be discounted;the accounts receivable represented by notes are taken out of the assets at the time of discounting.However,this can still represent:

• A) A potential gain
• B) A latent liability
• C) A fictive asset
• D) None of these

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Definitions:

Emancipation Proclamation

An executive order issued by President Abraham Lincoln in 1863 that declared the freedom of slaves in the Confederate states.

Black Soldier

An African American military service member, particularly noted for their roles in various American conflicts where they served despite facing segregation and discrimination.

Black Servicemen

Refers to African American soldiers and military personnel who have served in the U.S. armed forces throughout the nation's history.

Reconstruction

A period of American history following the Civil War, focusing on integrating the Southern states back into the Union and addressing the rights of former slaves.