When a customer dishonors the payment on the maturity date of a Notes Receivable, it is continued to be recorded as an asset under the Notes Receivables section under the same terms mentioned in the original note. *

True. false

Acme Company is in need of $95,000 for an urgent machine repair work but doesn't have enough cash to support this work. Acme has a Cash reserve of $35,000 but does not want to use this cash on the repair work. The Accounts Receivables balance is $225,000. One way to manage this fund shortage is to sell a part of the Accounts Receivables to a factor or a bank at a discounted price to raise this emergency money. *

True

False