CHAPTER 16: NOTES PAYABLE

Bank draft a check written by a bank that orders another bank to pay the stated amount to a specific party Bankers year 360 day period used to calculate interest on a note Bill of lading business document that lists goods accepted for transportation Cashiers check draft on the issuing banks own funds Commercial draft note issued by one party that orders another party to pay a specified sum on a specified date Contingent liability an item that can become a liability if certain things happen Discounting deducting the interest from the principal on a note payable or receivable in advance Draft a written order that requires one party (person or business) to pay a stated sum of money to another party Face value an amount...