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A1C20
Accounting 1 Chapter 20
| Term | Definition |
|---|---|
| creditor | a person or organization to whom a liability is owed |
| current liabilities | liabilities due within a short time, usually within a year |
| date of a note | the day a note is signed |
| dishonored note | a note that is not paid when due |
| interest | an amount paid for the use of money for a period of time |
| interest expense | the interest accrued on money borrowed |
| interest income | the interest earned on money loaned |
| interest rate of a note | the percentage of the principal that is paid for use of the money |
| maker of a note | the person or business who signs a note and thus promises to make payment |
| maturity date of a note | the date a note is due |
| maturity value | the amount that is due on the maturity date of a note |
| notes payable | promissory notes signed by a business and given to a creditor |
| notes receivable | promissory notes that a business accepts from customers |
| number of a note | the number assigned to identify a specific note |
| payee of a note | the person or business to whom the amount of a note is payable |
| principal of a note | the original amount of a note; sometimes referred to as face amount of a note |
| promissory note | a written and signed promise to pay a sum of money at a specified time |
| time of a note | the days, months, or years from the date of signing until a note is to be paid |
Created by:
mrs226
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