Multiple Choice Questions on Promise to pay a certain amount is called ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Promise to pay a certain amount is called ........

General Accounting Principles Introduction to Accounting
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    Promise to pay a certain amount is called

    Account Payable

    Correct Answer

    Notes Payable

    Incorrect Answer

    Amount Payable

    Incorrect Answer

    Discount Payable

    Incorrect Answer
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    Explanation:

    Promise to pay a certain amount is called Account Payable
    Promissory Note. A written, signed, unconditional promise to pay a certain amount of money on demand at a specified time. ... The individual who promises to pay is the maker, and the person to whom payment is promised is called the payee or holder.

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