Question

A note receivable is a written promise by the maker to the payee to pay a specified amount of money at a definite time. True False

Answer 1

True

Step-by-step explanation:

A Note receivable is a type of current asset that is expected to be received within a year. It is a promise to pay in a written form by the debtor to pay a specified sum of money to the creditor within a specified period of time usually a year. In a nutshell it is the written promise that specifies that money will be received at a later date.