The primary difference between notes payable and accounts payable is that notes generally have longer terms and usually require interest changes. What is the primary difference between notes payable and accounts payable?
1) Notes payable are the resources used to generate revenue.
2) Notes payable represent the obligation to distribute earnings to owners.
3) Notes payable are the company's obligation to a creditor.
4) Notes payable generally have longer terms and usually require interest changes.