3 years ago

Which of the following statements about the recording of interest on notes receivable is correct?

1 answer:

5 0

Answer:

c. Interest on notes receivable is recognized when it is earned, which is not necessarily when the interest is received in cash.

Explanation:

Accrual principle of accounting is applied when it comes to recording of interest on notes receivable.

Accrual principle states that revenue or expense is recognized when it incurs or occurs not when it is paid or received.

Thus, Interest on notes receivable is recognized when it is earned, which is <u>not necessarily when the interest is received in cash</u>.

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