Match these terms with their definitions.
-This debt, evidenced by a formal agreement or contract to repay, is frequently issued in exchange for a noncash asset such as equipment.
A)Callable bonds
B)Long-term lease
C)Convertible bonds
D)Debenture bonds
E)Junk bonds
F)Mortgage bonds
G)Notes payable
H)Short-term lease
I)Secured bonds

Question

Quizplus · Accepted Answer

Notes payable are formal agreements or contracts where a borrower agrees to repay a certain amount of money, often in exchange for a noncash asset such as equipment. These are typically evidenced by a promissory note, which is a written promise to pay a debt. Notes payable can be short-term or long-term liabilities, depending on the repayment terms specified within the agreement.

Match These Terms with Their Definitions