Question: Identify the statement concerning operating loans that is FALSE. Separate transaction and notes are needed for regular ( standard ) operating loans. A revolving line

Identify the statement concerning operating loans that is FALSE.
Separate transaction and notes are needed for regular (standard) operating loans.
A revolving line of credit allows the borrower to draw funds at any time during the loan period up to a maximum allowable amount.
A revolving line of credit has no limit on borrowing.
In a non-revolving line of credit, use of borrowed funds and source of repayment are specified when the loan is set up.
Identify the statement concerning operating loans

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