When the maker of a note pays at maturity, the note is said to be dishonored. True false question. True False
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- 4. Which of the following statements about promissory notes is incorrect? a. Interest is the revenue to the maker of the note b. The party making the promise to pay is the debtor c. The party to whom payment is to be made is the creditor d. The maturity date of the note is the date when final payment of the note is dueA note receivable is dishonoured when it is not paid in the allotted time period. Select one: O True False ہے.Dishonoring a note means the maker no longer has to pay. True or False?
- True or False. 1. Maturity value is the amount collectible on the agreed date of payment. 2. The creditor has no right to authorize anybody to collect from the debtor. 3. A creditor may authorize anybody to accept payment from the debtor on his behalf. 4.When a note is dishonored, the following is true. O Accounts Receivable is debited for the amount of the maturity value (the principal and the interest earned) O Notes Receivable is debited for the amount of the princial Bad debts expense is recorded O Interest revenue is never recorded EBCOWhich of the following statements is correct? O There is no interest included in a zero-interest-bearing note. O A long-term note's fair value and present value are always the same. O A note is signed by the payee in favour of the maker. O All notes contain an interest element because of the time value of money.
- Bad debt recovered is a payment received from account receivable from s client or customer whose account has been written off as bad debt O True O FalseReasons why a cheque can be dishonouredIf a note receivable is discounted with recourse, which is false? a. a contingent liability exists b. note receivable discounted will be credited c. liability for note receivable discounted will be credited d. note receivable will be credited upon the settlement of note e. answer not given
- What does it mean when a lender accelerates on a note? What is meant by forbearance?True or False 1. A debtor may authorize anybody to pay the creditor on his behalf. 2. The creditor has no right to refuse payment from person authorized by the debtor. 3. The debtor is obliged to pay the loan unconditionally. 4. Creditor has the right to demand payment of cash only. 5.The bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance. True or false?
