Promissory note
Promissory note is a formal written promise by a borrower to pay a certain sum at a fixed future date.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Promissory note. A formal written promise by a borrower to pay a certain sum at a fixed future date.
According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),
- Promissory note. A document specifying the terms and conditions of a loan, including the amount, interest rate, and repayment schedule.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
