It is a loan taken at a certain rate of interest for a definite time period and repaid on maturity.a.Bondsb.Notes payablec.Interest payabled.Taxes payable
Question
It is a loan taken at a certain rate of interest for a definite time period and repaid on maturity.a.Bondsb.Notes payablec.Interest payabled.Taxes payable
Solution
The description provided refers to "b. Notes payable". This is a type of liability that represents amounts owed by a company, typically due within one year. The "certain rate of interest" and "definite time period" aspects of the description align with the characteristics of notes payable, which often involve interest and have a set repayment schedule.
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