A Short-Term Note Payable

question 131

Multiple Choice

A short-term note payable:

• A) Is a written promise to pay a specified amount on a definite future date within one year or the company's operating cycle, whichever is longer.
• B) Is a contingent liability.
• C) Is an estimated liability.
• D) Is not a liability until the due date.
• E) Cannot be used to extend the payment period for an account payable.

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Definitions:

Norm

Accepted standards or expectations of behavior within a society or group.

Mutual Constitution Model

The idea that cultures and selves each cause the other.

United States

A country in North America made up of 50 states and the District of Columbia, known for its significant cultural and economic influence globally.

Japanese

Pertaining to Japan, its people, culture, or language.