QUESTION 6 A properly adjusted Allowance for Uncollectible Accounts will always have a credit balance True O False QUESTION 7 In counting the days of interest on a note, the day the money is borrowed is omitted, but the day it is paid back is counted. True False QUESTION 8 The faster a company collects receivables, the more liquid the receivables are and the higher their quality. True O False QUESTION 9 The formula for determining the number of days' sales in accounts receivable is O A. 365 divided by the accounts receivable turnover B. 365 divided by average net accounts receivable. O C. average net accounts receivable divided by 365 o D. 365 divided by net credit sales or net sales. QUESTION 10 Credit card companies absorb the loss from uncollectible accounts True False