WorksheetsQuiz AKM IKI-6
Total questions: 10
Worksheet time: 5mins
What is the main difference between notes receivable and accounts receivable?
Notes receivable have a longer term than accounts receivable
Notes receivable have clearer legal power than accounts receivable
Accounts receivable always incur interest, while notes receivable do not
Notes receivable are only used in international transactions
Accounts receivable can be sold to banks like notes receivable
If a note is issued on January 15, 2024, with a term of 3 months, when is the due date?
April 15, 2024
April 14, 2024
April 16, 2024
March 15, 2024
March 14, 2024
A promissory note with an interest rate of 10% with a nominal value of Rp20,000,000 and a term of 120 days. How much interest must be paid at maturity?
Rp600,000
Rp2,000,000
Rp666,667
Rp800,000
Rp1,000,000
What is the accounting treatment if a promissory note matures but cannot be paid by the debtor?
Record as a loss and write off immediately
Convert to accounts receivable and continue to collect from the debtor
Sell to the bank at a discount
Record as interest income
Remove from the financial statements without further recording
A note with a 12% interest rate matures on May 30, 2024, but is discounted at the bank on April 15, 2024, at a discount rate of 15%. If the nominal value of the note is Rp25,000,000, what is the amount of discount charged by the bank?
Rp104.167
Rp125.000
Rp156.250
Rp187.500
Rp250.000
If a note has a term of more than one year, how should it be recorded in the financial statements?
As current assets
As interest income
As short-term liabilities
As non-current assets (long-term receivables)
As interest expenses
What is the main purpose of discounting a note?
To remove the note from the company's books
To avoid interest payments by the debtor
To reduce the company's tax burden
To convert the note into long-term debt
To accelerate cash receipt for the note holder
A company receives a note receivable worth Rp30,000,000 with an interest rate of 18% and a term of 6 months. If at the end of the fiscal year the note has not matured, how much interest should be recorded in the adjusting journal for the first 4 months?
Rp900,000
Rp1,200,000
Rp1,350,000
Rp1,800,000
Rp2,700,000
Who has a note payable in a note transaction?
The issuer of the note who owes money
The recipient of the note who provides the loan
The bank that discounts the note
The party that buys the note from the holder
The accountant who records the transaction
If a note is issued on August 31, 2023, with a term of 2 months, when is the due date?
October 30, 2023
November 2, 2023
November 1, 2023
October 31, 2023
November 3, 2023
