Asked by Katie Uittenbogaard on May 04, 2024
Verified
The receivable that is usually evidenced by a formal, written instrument of credit is a (n)
A) trade receivable
B) note receivable
C) accounts receivable
D) income tax receivable
Written Instrument
A legal document delineating rights, duties, or liabilities, often used in financial and property transactions.
Formal
Pertains to actions, processes, or documents that are done in accordance with established or conventional rules.
Note Receivable
A financial asset representing a written promise to receive a specific sum of money at a future date.
- Understand the reporting and classification of different types of receivables on the balance sheet.
Verified Answer
Learning Objectives
- Understand the reporting and classification of different types of receivables on the balance sheet.
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