Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

When the mortgage debt is completely repaid, which document is provided to the mortgagor as evidence of the release of the mortgage obligation?

Accounts Receivable Ledger

Deed of Trust

Promissory Note

Satisfaction of Mortgage

Previous problemNext problem

Verified step by step guidance

Understand the context of the problem: A mortgage is a loan secured by real estate, and the mortgagor is the borrower who repays the debt. Once the mortgage debt is fully repaid, the lender provides a document to confirm the release of the mortgage obligation.

Clarify the purpose of the document: The 'Satisfaction of Mortgage' is the official document that serves as evidence that the mortgage debt has been fully repaid and the lien on the property has been released.

Differentiate the options provided: The 'Accounts Receivable Ledger' is a record of amounts owed to a company, unrelated to mortgage repayment. The 'Deed of Trust' is a document used to secure a loan, not evidence of repayment. The 'Promissory Note' is a written promise to repay a loan, not evidence of its completion.

Focus on the correct answer: The 'Satisfaction of Mortgage' is the document provided to the mortgagor after the mortgage debt is completely repaid. It is filed with the appropriate government office to officially release the lien on the property.

Conclude the explanation: The 'Satisfaction of Mortgage' is critical for the mortgagor to prove that the mortgage obligation has been fulfilled and the property is free of encumbrances.