Who is primarily liable on a promissory note?a.Holderb.Endorserc.Makerd.Drawee

promissory note and its essential

promissory notes

In relation to a bank bill, endorsement means:Group of answer choicesthat the acceptor and endorser make an agreement as to who is liable for the repayment of the face value to the final holder of the bill.if the acceptor cannot repay the face value to the holder at maturity, it must draw a bill to meet its obligations.the endorser has a contingent liability when the bill matures.the drawer agrees to pay an additional fee to the acceptor for guaranteeing the repayment.

As a rule, no person is liable on the instrument whose signature doesrnot appear thereon, thus: a. One is liable whose signature was forged but is precluded from setting up forgery as a defense. _ b. One is liable for accepting a bill of Iading on a separate piece of paper. c. One is liable for an unconditional promise in advance to accept a bill of exchange before it is drawn. d. One who signs using a trade name or assume name is liable as if he had signed in his own name

An entity is currently under investigation for providing defective products to their customers. If found guilty, the entity may be required to compensate their customers for approximately $500,000. The court case is still pending and the outcome will not be known until later in the next financial year. For the current financial year, the amount of $500,000 will be:recognised in the balance sheet as a contingent liabilitydisclosed in the notes to the financial statements as a contingent liability.recognised in the balance sheet as an asset.recognised in the balance sheet as a liability.