The maturity date of a note receivable
A) Is the day of the credit sale
B) Is the day the note was signed
C) Is the day the note is due to be paid
D) Is the date of the first payment
E) Is the last day of the month

Question

Quizplus · Accepted Answer

The maturity date of a note receivable is the day the note is due to be paid. This is typically stated on the note itself and is the date at which the borrower is obligated to pay the principal and any interest owed to the lender. Choices A, B, and D are incorrect as they do not necessarily represent the date on which the note is due. Choice E is also incorrect as the maturity date does not necessarily have to be the last day of the month.

The Maturity Date of a Note Receivable