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Turn your accounting notes into a notes payable quiz with answers

Upload your lecture notes, chapter PDF or slides and get practice questions with correct answers and a short explanation for each one.

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Why build your own quiz instead of searching for a printable

Ready-made printables rarely match the chapter your instructor covered, so DeckOwl builds a notes payable quiz with answers from your own material. You upload the lecture notes or textbook pages, and the quiz reflects the terms, journal entries and examples in your course.

Upload the exact notes or slides your class uses
Get multiple choice, true/false or short answer questions with explanations
Study free in the browser with 3 generations per month
Export to PDF or DOCX on Plus, or to QTI 2.1 and Moodle XML on Pro

Example notes payable practice questions with answers

What is the journal entry to record a $20,000 bank loan signed as a 5-year note payable?Debit Cash $20,000 and credit Notes Payable $20,000, because the company received cash and took on a liability to repay the principal.

How much interest accrues on a $10,000, 6%, 9-month note?$450, calculated as $10,000 × 6% × 9/12, because interest accrues over the time the money is borrowed.

True or false: a non-interest-bearing note is recorded at its face value with no discount.False, because the interest is built into the face amount, so the cash received is less and the difference is recorded as a discount amortized to interest expense.

At year end, $150 of interest on a note has accrued but is unpaid. What adjusting entry is needed?Debit Interest Expense $150 and credit Interest Payable $150, so expenses match the period in which the interest was earned.

How is the current portion of a long-term note payable classified on the balance sheet?As a current liability, covering only the principal due within 12 months of the balance sheet date, with the remainder shown as long-term.

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Multiple choice, true/false and short answer

Choose the question type that fits your course. Each item comes with the correct answer and an explanation of why it is right.

Built from your material

Questions come from the notes and slides you upload, so the quiz matches what your instructor actually covered.

Study in the browser or export

Practice on the free plan in your browser. Plus adds PDF and DOCX export, and Pro adds QTI 2.1 and Moodle XML.

How it works

Upload your notes

Add a PDF, DOCX, PPTX, plain text file or a photo of your page. Photos are read with text recognition.

Pick a question type

Select multiple choice, true/false or open questions, then generate the quiz in one step.

Check answers and review

Compare each answer with its explanation, then use the flashcards and spaced repetition to revisit weak spots.

Each question includes the correct answer and a short explanation, which helps you see why a journal entry debits one account and credits another. Working through explained answers after you attempt each question is a practical way to catch mistakes early.

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Frequently asked questions

How do I calculate interest on a notes payable?

Multiply the principal by the annual rate and by the fraction of the year the note is outstanding. For example, $10,000 at 6% for three months is $10,000 × 6% × 3/12, which equals $150.

What is the difference between notes payable and accounts payable?

Notes payable are formal written promises to repay a set amount, often with interest and a maturity date. Accounts payable are usually informal amounts owed to suppliers on ordinary credit terms.

Can I export a notes payable quiz to Moodle or QTI?

Yes, but QTI 2.1 and Moodle XML export are part of the Pro plan at $14.99 per month. PDF and DOCX export are included with Plus.

Can I print a quiz from the free plan?

The free plan lets you study in the browser with 3 generations per month, but it does not include exports. Printing a file requires PDF or DOCX export on Plus.

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