Homework Answers
Correct answer---A not is a more formal document than an accounts receivable.
Explanation
A notes receivable can be for any period such as long term or short term. It does not nessesarily need to be short term (current asset) or long term. In simple terms a note receivable within 12 months is a current asset but a note receivable in more than 12 months is non current asset.
A notes receivable is a written document and is considered more formal than accounts receivable.
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