Examlex
A city received a grant of $5,000,000 from a private agency. The money was to be used to build a new city library. In which fund should the money be recorded for the Fund Financial Statements?
Loan Repay
Loan repayment is the act of paying back borrowed funds to the lender, typically in installments that include both principal and interest.
Notes Payable
Financial obligations represented by written promissory notes requiring the borrower to repay the amount borrowed plus interest.
Accounts Payable
Liabilities or money owed by a business to its creditors or suppliers for goods and services received.
Non-interest Bearing
Refers to debt or a financial instrument that does not accrue interest over time, meaning the borrower only repays the principal amount.
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