Asked by
Chasidy Winslett
on Nov 14, 2024
Verified
A long-term note secured by collateral may be referred to as a
A) premium.
B) debenture.
C) bond.
D) mortgage.
Long-term Note
A debt instrument that extends for a period beyond one year, representing a borrower's promise to pay back a sum of money to the lender at a specified interest rate.
Collateral
An asset or property that a borrower offers to a lender as security for a loan, which can be seized if the loan is not repaid.
- Differentiate among various categories of liabilities and comprehend their categorization as either current or non-current.
Verified Answer
AM
Learning Objectives
- Differentiate among various categories of liabilities and comprehend their categorization as either current or non-current.