Promises given by borrowers to lenders are
A)recognized as legally enforceable only in some states.
B)not subject to federal taxation.
C)assets to the lenders.
D)liabilities to the lenders.

Question

Quizplus · Accepted Answer

Promises given by borrowers to lenders are considered assets to the lenders because they represent an obligation of the borrower to repay the borrowed amount, which the lender has the right to receive.

Promises Given by Borrowers to Lenders Are