Nevada Administrative Code
Chapter 706 - Motor Carriers
UNIFORM SYSTEM OF ACCOUNTS FOR LIMOUSINE COMPANIES
Accounts
Section 706.401948 - Current assets: Account for notes receivable

Universal Citation: NV Admin Code 706.401948

Current through December 31, 2024

1. The account for notes receivable must include the book cost, not includable elsewhere, of all collectible obligations in the form of notes, drafts and similar evidences of money due the company.

2. Complete information must be maintained in the account for each note, including, without limitation, the maker of the note, payor, payee, date of issuance, date of maturity, interest rate and penalties. This information must clearly indicate the amounts due from each person or company.

3. The face amount of notes receivable discounted, sold or transferred without releasing the company as endorser must be credited to a separate subdivision of the account, and appropriate disclosure must be made in financial statements of any contingent liability arising from such transactions.

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

NRS 706.167, 706.171

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.