Notes Payable
Notes payable is a liability account representing written promises to pay a specific amount on a future date. These can include loans or promissory notes with interest. They’re recorded on the balance sheet and require disclosure of terms such as interest rate, maturity, and collateral, if any.
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Non-current Liabilities
Non-current liabilities are long-term financial obligations not due within the current fiscal year. These include bonds payable, long-term loans, deferred…
Net Realizable Value
NRV is the estimated selling price of an asset, less any costs required to complete or sell it. It’s commonly…
Nominal Account
Nominal accounts are temporary accounts used to record income, expenses, gains, and losses during a period. They are closed at…
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