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Turn your notes receivable chapter into a quiz with answers

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How a notes receivable quiz with answers is built

Many printable versions of a notes receivable quiz with answers use generic examples that may not match the chapter your class covered, so generating one from your own material is usually more useful.

Calculate interest on a note as principal times annual rate times months divided by 12
Record a note received for a sale of goods versus cash loaned to a customer
Accrue interest receivable at year end on a note that is still outstanding
Reduce notes receivable to net realizable value using an allowance for doubtful notes

Example notes receivable quiz questions with answers

A $10,000 note bears 6% annual interest and has been outstanding for 3 months. How much interest has accrued?$150. Interest is principal times rate times time: 10,000 × 0.06 × 3/12 = $150.

True or false: Interest receivable on a note is recorded as an expense when the note is signed.False. Interest is earned over the life of the note and is recorded as revenue as it accrues, not as an expense at signing.

When a customer signs a note in exchange for an overdue account receivable, which account is debited?Notes Receivable. The signed note replaces the open account, so Notes Receivable is debited and Accounts Receivable is credited.

How is the net carrying amount of a note receivable calculated?Face value minus the allowance for doubtful notes. This is the amount the company expects to collect.

A 90-day note is dated October 1. On what date does it mature?December 30. Counting from October 1 excluded, October gives 30 days, November gives 30 more (60), and December 30 brings the total to 90.

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Answers and explanations

Every question comes with the correct answer and a short explanation of why it is right, so you can see where your reasoning went wrong.

Built from your own material

Upload a PDF, DOCX, PPTX, plain text file or a photo of a page. The questions come from what your class actually covered.

Exports when you need them

Export to PDF or DOCX on Plus. Pro adds QTI 2.1 and Moodle XML export for learning systems.

How it works

Upload your notes

Add your chapter notes, slides or a photo of the textbook page on notes receivable.

Choose a question type

Pick multiple choice, true/false or short answer, then generate the set.

Check answers and review

Work through each question, read the explanation, and retake the questions you missed.

Notes receivable are written promises to pay that usually carry a stated interest rate and a maturity date. Students often mix up the face value, the interest earned to date and the interest receivable recorded at year end, so practice questions that separate those three amounts are the most useful.

Upload your chapter notes, pick multiple choice or true/false, and read each explanation before moving on. Then retake only the questions you missed until the journal entries feel automatic.

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Frequently asked questions

How do I calculate interest on a notes receivable?

Multiply the principal by the annual interest rate and by the fraction of the year the note has been outstanding. Interest earned but not yet collected is recorded as interest receivable and interest revenue at year end.

What should I practice most for a notes receivable exam?

Work problems that change one variable at a time, such as the maturity date or the rate. Explain each journal entry in your own words before checking the answer.

Can I export a notes receivable quiz to a learning system?

Yes, on the Pro plan you can export to QTI 2.1 and Moodle XML. PDF and DOCX exports are included on Plus, which costs $39/year or $7.99/month.

Is there a free way to try it?

The free plan includes 3 generations per month and studying in the browser, and no credit card is needed to start. Exports are not included on the free plan.

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