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A note receivable differs from an account receivable in that a note receivable is a formal promise to pay; an account receivable is an informal
A note receivable differs from an account receivable in that
a note receivable is a formal promise to pay; an account receivable is an informal promise to pay.
a note receivable is used for purchases over $1,000.
a note is used for a receivable that extends beyond one year.
there is no difference between an account receivable and a note receivable; they are interchangeable terms.
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Comparative international accounting
Authors: Christopher nobes, Robert parker
9th Edition
273703579, 978-0273703570
