Question

2. Accrued interest income on notes receivable is calculated using all of the following information except the (A) annual interest rate. (B) principal. (C) term of the note. (D) date of the note.

Answer 1

Term of the note is not necessary to be used for calculating the accrued interest income on notes receivable.

What is accrued interest?

Accrued interest is that interest rate that has been already incurred on the loan but not paid yet.

In order to, calculate the accrued interest, interest rate has to be multiplied by the notes receivable amount and divide by the 12.

Accrued interest can be in the form of accrued interest revenue or accrued interest expense.

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