A short-term note payable
A)Is a written promise to pay a specified amount
B)Is a contingent liability
C)Is an estimated liability
D)Is not recorded until it is repaid
E)Usually does not bear interest

Question

Quizplus · Accepted Answer

A short-term note payable is a written promise to pay a specified amount, typically within a year or less. It is a liability that is recorded on the balance sheet and is usually accompanied by an interest expense.

A Short-Term Note Payable