Which of these are not required in a promissory note?
Correct answer: B. Acceptance
- A. Unconditional promise to pay
- B. Acceptance
- C. Properly stamped
- D. Payment to be made legal currency
Explanation
A promissory note is made directly by the maker, so acceptance by a drawee is not required. Acceptance is a feature of a bill of exchange, not of a promissory note.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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