FAR- Customary trade practice – Note Receivable

  • Creator
    Topic
  • November 4, 2016 at 2:35 pm #1313003
    Char143
    Participant

    I am on the Note receivable section, and Bob from Ninja plus said “When a note is made under customary trade terms and is due in less than one year – the there is no requirement to impute interest”

    I get that, just curious if anyone knows, because I feel like the CPA exam knows what you have learned and they try to trick you with wording: What if you have a note receivable created and it is due in less than one year but NOT made under customary trade terms? Is it discounted (imputed interest)?

    Thanks in advance!

    AUD (2/16)-84
    REG (05/16)-69 Retake (7/16)-79 (ty ninja MCQ)
    BEC-TBD
    FAR-9/8/16

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