Asked by Emily Keith on Jun 17, 2024
Verified
The person that borrows money and signs a promissory note is called the maker.
Promissory Note
A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.
Maker
In financial terms, the party that issues or creates an instrument, such as a check or promissory note, effectively promising to pay the amount specified.
- Identify the implications of using notes receivable and how they differ from accounts receivable.
Verified Answer
AS
Akshat SekhsariaJun 21, 2024
Final Answer :
True
Explanation :
The maker is the person who borrows money and signs a promissory note, promising to repay the loan.
Learning Objectives
- Identify the implications of using notes receivable and how they differ from accounts receivable.