A notes receivable is classified as a long-term asset if the repayment period is shorter than a year.

Name: A notes receivable is classified as a long-term asset if the repayment period is shorter than a year.
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A notes receivable is classified as a long-term asset if the repayment period is longer than a year, not shorter. If the repayment period is shorter than a year, it is classified as a current asset.

A Notes Receivable Is Classified as a Long-Term Asset If