Matching
Match the accounting description with correct term the by entering the proper letter in the space provided.
Premises:
A 360-day period used to calculate interest on a note
A financial document containing a promise or order to pay that meets all requirements of the Uniform Commercial Code in order to be transferable to another party
Deducting the interest from the principal on a note payable or receivable in advance
An amount of money indicated to be paid, exclusive of interest or discounts
A written order that requires one party (a person or business)to pay a stated sum of money t another party
The fee charged for the use of money
A commercial draft that is payable during a specified period of time
An item that can become a liability if certain things happen
The amount shown on the face of a note
A draft on the issuing bank's own funds
A check written by a bank that orders another bank to pay the stated amount to a specific party
A business document that lists goods accepted for transportation
A commercial draft that is payable on presentation
A form of commercial time draft used in transactions involving the sale of goods
The total amount (principal plus interest)that must be paid when a note comes due
A note issued by one party that orders another party to pay a specified sum on a specified da
A liability representing a written promise by the maker of the note (the debtor)to pay anoth party (the creditor)a specified amount at a specified future date
An asset representing a written promise by another party (the debtor)to pay the note holder (the creditor)a specified amount at a specified future date
Responses:
Maturity value
Face value
Trade acceptance
Negotiable instrument
Cashier's check
Note receivable
Bill of lading
Principal
Time draft
Draft
Note payable
Contingent liability
Commercial draft
Sight draft
Banker's year
Bank draft
Discounting
Interest
Correct Answer:
Premises:
Responses:
A 360-day period used to calculate interest on a note
A financial document containing a promise or order to pay that meets all requirements of the Uniform Commercial Code in order to be transferable to another party
Deducting the interest from the principal on a note payable or receivable in advance
An amount of money indicated to be paid, exclusive of interest or discounts
A written order that requires one party (a person or business)to pay a stated sum of money t another party
The fee charged for the use of money
A commercial draft that is payable during a specified period of time
An item that can become a liability if certain things happen
The amount shown on the face of a note
A draft on the issuing bank's own funds
A check written by a bank that orders another bank to pay the stated amount to a specific party
A business document that lists goods accepted for transportation
A commercial draft that is payable on presentation
A form of commercial time draft used in transactions involving the sale of goods
The total amount (principal plus interest)that must be paid when a note comes due
A note issued by one party that orders another party to pay a specified sum on a specified da
A liability representing a written promise by the maker of the note (the debtor)to pay anoth party (the creditor)a specified amount at a specified future date
An asset representing a written promise by another party (the debtor)to pay the note holder (the creditor)a specified amount at a specified future date
Premises:
A 360-day period used to calculate interest on a note
A financial document containing a promise or order to pay that meets all requirements of the Uniform Commercial Code in order to be transferable to another party
Deducting the interest from the principal on a note payable or receivable in advance
An amount of money indicated to be paid, exclusive of interest or discounts
A written order that requires one party (a person or business)to pay a stated sum of money t another party
The fee charged for the use of money
A commercial draft that is payable during a specified period of time
An item that can become a liability if certain things happen
The amount shown on the face of a note
A draft on the issuing bank's own funds
A check written by a bank that orders another bank to pay the stated amount to a specific party
A business document that lists goods accepted for transportation
A commercial draft that is payable on presentation
A form of commercial time draft used in transactions involving the sale of goods
The total amount (principal plus interest)that must be paid when a note comes due
A note issued by one party that orders another party to pay a specified sum on a specified da
A liability representing a written promise by the maker of the note (the debtor)to pay anoth party (the creditor)a specified amount at a specified future date
An asset representing a written promise by another party (the debtor)to pay the note holder (the creditor)a specified amount at a specified future date
Responses:
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