Which of the following statements is false?
A)Notes payable usually require the borrower to pay interest.
B)Notes payable are sometimes used instead of accounts payable.
C)Most notes and bank loans are non-interest bearing.
D)Notes payable reflect a promise to repay a specified amount of money either at a fixed future date or on demand.

Question

Quizplus · Accepted Answer

Most notes and bank loans are interest-bearing, meaning they require the borrower to pay not just the principal amount borrowed but also an interest amount over the life of the loan.

Which of the Following Statements Is False