Question
Which of the following statements is false? Notes receivable are initially entered in the accounting records via a debit Principal is the amount on which
Which of the following statements is false?
Notes receivable are initially entered in the accounting records via a debit
Principal is the amount on which interest is figured
The interest on a note is deemed to be revenue to the maker of the note
Interest revenue is recorded as it is received and as a year-end adjustment
None of the above
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
