Asked by Caden Coulson on Jul 21, 2024
Verified
A promissory note is a written promise to pay a specified amount of money either on demand or at a stated future date.
Promissory Note
A written promise to pay a specified amount of money to a certain entity on demand or at a fixed or determinable future time.
Future Date
A specified day in the future, often related to scheduling events, deadlines, or financial transactions.
- Understand the outcomes associated with the use of notes receivable and how they diverge from accounts receivable.
Verified Answer
DM
Daniel MedinJul 24, 2024
Final Answer :
True
Explanation :
A promissory note is indeed a written promise to pay a specified amount of money either on demand or at a stated future date.
Learning Objectives
- Understand the outcomes associated with the use of notes receivable and how they diverge from accounts receivable.