The maturity date of a note receivable:
A) Is the day of the credit sale.
B) Is the day the note was signed.
C) Is the day the note is due to be repaid.
D) Is the date of the first payment.
E) Is the last day of the month.

Question

Quizplus · Accepted Answer

The maturity date of a note receivable is the day on which the note is due to be repaid. This is the date on which the principal amount of the note as well as any accrued interest is due to be paid to the lender. The maturity date is usually specified in the terms of the note at the time it is issued. Therefore, option C is the correct answer.

The Maturity Date of a Note Receivable