NAC706.401969. Accounts for notes payable.

     1. The account for short-term notes payable must include:

     (a) Amounts owing on notes, drafts, acceptances or other similar evidences of indebtedness that are payable on demand or within 1 year after the date of issuance or acceptance, including interest; and

     (b) Under appropriate subaccounts, notes, drafts, acceptances or other similar evidences of indebtedness that are payable to associated companies on demand or within 1 year after the date of issuance or acceptance, including interest.

Ê Information to be contained in the account for short-term notes payable must include the face value of the note, date made, date due, interest rate, payee and any other identifying information.

     2. For reporting purposes, the current portion of the account for long-term notes payable represents the portion of a long-term note and the interest on it that is due within 1 year after the reporting date.

     (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)