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