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Notes Payable and Notes Receivable FLASHCARDS. Banker’s year. Banker’s year. A 360-day period used to calculate interest on a note. Discounting. Discounting. Deducting the interest from the principal on a note payable or receivable in advance. Negotiable instrument. Negotiable instrument.
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Banker’s year Banker’s year A 360-day period used to calculate interest on a note
Discounting Discounting Deducting the interest from the principal on a note payable or receivable in advance
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
Trade acceptance Trade acceptance A form of commercial time draft used in transactions involving the sale of goods
Sight draft Sight draft A commercial draft that is payable on presentation
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