Resource deployment answers the question: "How can different elements of our business benefit each other?"

A business borrows cash by signing a note payable. Which of the following accounts is debited?

A) Notes Payable B) Accounts Payable C) Notes Receivable D) Cash

Alice purchases Bob's house and in so doing assumes the mortgage. Which of the following is/are true?

A) Only Alice is personally liable to pay the mortgage. B) Bob and Alice are both personally liable to pay the mortgage. C) Only Bob is liable to pay the mortgage. D) Bob is only liable if Alice defaults.