[Char143]

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