Answer TRUE OR FALSE

1)

Factoring receivables without recourse is usually accounted for as a borrowing, rather than as a sale.

Group of answer choices

True

False

2)

Small Co. borrows on a 6% note receivable by discounting the note receivable at the bank at a discount rate of 8%. The proceeds received from the bank equal the face value of the note less the discount at 8%.

Group of answer choices

True

False

3)

4)