One of the following statements about promissory notes is incorrect. The incorrect statement is: (a) The party
Question:
One of the following statements about promissory notes is incorrect. The incorrect statement is:
(a) The party making the promise to pay is called the maker.
(b) The party to whom payment is to be made is called the payee.
(c) A promissory note is not a negotiable instrument.
(d) A promissory note is often required from highrisk customers.
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Related Book For 
Financial Accounting
ISBN: 9781119298229,9781119305842
10th Edition
Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel
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