Question: 1. When the due date of a note is stated in days, the time factor in computing interest is the number of months divided by

1. When the due date of a note is stated in days, the time factor in computing interest is the number of months divided by 360 days.

True

False

2. Provision for Doubtful Accounts is an expense account, and its normal balance is debit.

True

False

3. Gains are recorded on exchanges of long-term assets.

True

False

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