Both accounts receivable and notes receivable represent claims that are expected to be collected in cash. True
The term accounts receivable describes accounts that a company is entitled to get since it has provided a good or service. Receivables, also known as accounts receivable, are a company's line of credit that typically include terms that call for payments to be made within a somewhat short time frame.
A note receivable is an asset account linked to an underlying promissory note that specifies in writing the terms of payment for a purchase between the "maker" of the note and the "payee," who is normally a business and is occasionally referred to as a creditor (usually a customer or employee, and sometimes called a debtor).
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