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Which of the following statements, regarding notes receivable, is incorrect? A) Notes receivable are sometimes called promissory notes. B) A notes receivable is a written

Which of the following statements, regarding notes receivable, is incorrect?

A) Notes receivable are sometimes called promissory notes.

B) A notes receivable is a written promise that a customer will pay a fixed amount of principal plus interest by a certain date in the future.

C) All notes receivable are considered long-term assets.

D) Notes receivable usually have longer terms than accounts receivable.

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