Which of the following items is considered a financial obligation that is supported by a contract, has a time frame for repayment, and can be associated with a large purchase or loan when an organization uses some of its assets as collateral?

Question

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Notes payable are financial obligations that are backed by a formal agreement or contract, specify a repayment schedule, and are often associated with significant purchases or loans where an organization's assets are used as collateral.

Which of the Following Items Is Considered a Financial Obligation