If a note receivable is outstanding at the end of an accounting period,the interest earned up to year-end is recorded as interest revenue when the cash is received.

Name: If a note receivable is outstanding at the end of an accounting period,the interest earned up to year-end is recorded as interest revenue when the cash is received.
Brand: Quizplus
Rating: 4.8 (39 reviews)

Question

Quizplus · Accepted Answer

If a note receivable is outstanding at the end of an accounting period, the interest earned up to year-end is part of that year's earnings.

If a Note Receivable Is Outstanding at the End of an Accounting