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Quiz yourself on notes receivable using your own course material

Upload your accounting slides, PDF chapter or typed notes and get practice questions on interest, maturity, accruals and dishonored notes, each with a clear explanation.

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How a notes receivable quiz helps you study

Accounting students often mix up interest on a note, accrued interest at year-end and the entry for a dishonored note. A notes receivable quiz lets you practice those steps on the exact chapter your instructor assigned instead of a generic set of problems.

Interest calculations on notes with days or months as the term
Year-end accrual entries for interest receivable
Journal entries for notes received, collected and dishonored
Sale or discounting of a note to a bank and the gain or loss recorded

Example notes receivable practice questions

A customer signs a $5,000, 6% note due in 90 days. How much interest is due at maturity?$75. Interest equals principal times rate times time, so $5,000 x 6% x 90/360 = $75, assuming a 360-day year as the course convention.

True or false: a note receivable is reported as an asset because the holder has the right to collect cash from the borrower.True. The note is a written promise to pay, so it is an asset to the holder, and its maturity determines whether it is reported as current or noncurrent.

A customer dishonors a $10,000 note. What entry moves the balance out of notes receivable?Debit Accounts Receivable for the principal plus interest, and credit Notes Receivable. The customer still owes the money, so the amount becomes a regular receivable.

A $10,000, 8% note issued October 1 for 12 months has earned interest through December 31. What is the year-end accrual?$200. The interest is $10,000 x 8% x 3/12, and it belongs to this year even though cash is collected later, so the adjusting entry debits Interest Receivable and credits Interest Revenue.

When a note receivable is sold to a bank, how is the cash proceeds figure determined?Proceeds equal the maturity value minus the bank's discount for the remaining term. The difference between proceeds and the note's carrying amount is recorded as a gain or loss on the sale.

Generate the full set

Multiple-choice, true/false and open questions

Choose the format that fits your course. Each question comes with an explanation so you learn why an answer is right or wrong.

Built from your own notes

Questions come from the material you upload, including PDFs, PPTX slides, DOCX files, plain text and photos of pages.

Spaced repetition for the hard parts

Missed interest calculations and journal entries come back more often, so the rules stick before the exam.

How it works

Upload your notes

Add a PDF, slide deck, DOCX file, pasted text or a photo of your textbook page that covers notes receivable.

Pick a question type

Select multiple-choice, true/false or open questions and how many you want to practice.

Answer and review

Work through the quiz, read each explanation and redo the questions you missed.

Start with the core formula: interest equals principal times annual rate times time, where time is days over 360 or months over 12 depending on your course convention. Then move to adjusting entries for interest that was earned but not yet collected, and to the entry that moves a dishonored note back into accounts receivable.

When you are ready for the exam, switch to open questions so you have to explain the reasoning, not just pick an answer. Review the explanations for every miss, then retake only those questions in a later session.

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Frequently asked questions

How many practice questions should I do on notes receivable before an exam?

Twenty to thirty mixed questions covering interest, accruals and dishonored notes is a solid target. Spread them over several days so the calculation steps become automatic.

How do I check that I calculated note interest correctly?

Use interest equals principal times annual rate times time, and make sure the time period matches the note's term. Confirm whether your course uses days over 360 or months over 12 before you record the entry.

Can I export my notes receivable quiz to Word or PDF?

Yes, the Plus plan at $99.90/year or $9.99/month exports to PDF and DOCX. The free plan lets you study in the browser, but it does not include exports.

Does DeckOwl export quizzes to QTI or Moodle XML?

QTI 2.1 and Moodle XML export are part of the Pro plan at $14.99/month. Students with a school email get 40% off, and no credit card is needed to start.

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