Notes payable can be either spontaneous secured or spontaneous unsecured financing and result from the normal operations of the firm.

Name: Notes payable can be either spontaneous secured or spontaneous unsecured financing and result from the normal operations of the firm.
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Question

Quizplus · Accepted Answer

Notes payable are typically formal, written agreements for borrowing money and are not considered spontaneous financing, which arises naturally from business operations like accounts payable.

Notes Payable Can Be Either Spontaneous Secured or Spontaneous Unsecured