A Promissory Note Received from a Customer in Exchange for an Account

question 66

Multiple Choice

A promissory note received from a customer in exchange for an account receivable:

• A) Is a cash equivalent for the recipient.
• B) Is an account receivable for the recipient.
• C) Is a note receivable for the recipient.
• D) Is a short-term investment for the recipient.
• E) Is a note payable for the recipient.

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Definitions:

Court-ordered Support

Financial or other support mandated by a court for the benefit of a child, spouse, or former spouse following a divorce or separation.

Child-support Laws

Regulations that mandate financial support from one parent to another for the upbringing of their mutual child.

States

Political or geographic entities that constitute the primary organizational units of a country or area.

Emotionally

Pertaining to or relating to emotions, the complex psychological states that arise spontaneously rather than through conscious effort.