Questions from College Accounting


Q: If a note dated February 28 has a three-month term

If a note dated February 28 has a three-month term, on what date must the note be paid?

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Q: Explain how to compute the proceeds from discounting a note receivable.

Explain how to compute the proceeds from discounting a note receivable.

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Q: When is a discounted note receivable considered a contingent liability?

When is a discounted note receivable considered a contingent liability?

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Q: 1. Is the identification of purchases returns and allowances by department

1. Is the identification of purchases returns and allowances by department valuable to managerial control? Explain. 2. If one department consistently has a comparatively large amount of cash short in...

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Q: Explain a cashier’s check.

Explain a cashier’s check.

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Q: Explain a sight draft.

Explain a sight draft.

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Q: What are the requirements that must be met in order for a

What are the requirements that must be met in order for a document to be negotiable?

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Q: What is the face amount of a note? The maturity value

What is the face amount of a note? The maturity value?

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Q: How does a note receivable differ from an account receivable?

How does a note receivable differ from an account receivable?

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Q: What is the maturity value of a $9,000 note

What is the maturity value of a $9,000 note, bearing interest at 9 percent, and due 105 days after date of issue of the note?

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