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Net income for a period will be overstated if accrued salaries are not recorded at the end of the accounting period.
Instrument
A legal document formally evidencing an obligation or right, such as checks, promissory notes, or securities.
Holder
A person who is in possession of a negotiable instrument that is issued or indorsed to that person’s order or to bearer.
Negotiable Instrument
A written document that is signed by the maker or drawer and that contains an unconditional promise or order to pay a certain sum of money on delivery or at a definite time to the bearer or to order.
Holder in Due Course
A legal term describing a party who has acquired a negotiable instrument in good faith and for value, thereby having certain protections against defenses and claims.
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