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Notes Payable and Notes Receivable FLASHCARDS

Master essential accounting terms with flashcards in this set, including Banker’s Year, Discounting, Negotiable Instrument, Trade Acceptance, and more. Visit our website for a crossword puzzle and reinforce your knowledge!

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Notes Payable and Notes Receivable FLASHCARDS

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  1. Notes Payable and Notes ReceivableFLASHCARDS

  2. Banker’s year Banker’s year A 360-day period used to calculate interest on a note

  3. Discounting Discounting Deducting the interest from the principal on a note payable or receivable in advance

  4. Negotiable instrument Negotiable instrument 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

  5. Trade acceptance Trade acceptance A form of commercial time draft used in transactions involving the sale of goods

  6. Sight draft Sight draft A commercial draft that is payable on presentation

  7. For additional reinforcement of accounting terms, visit the crossword puzzle on this Web site.

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