T/F: Which of the following statements are true?

1. In computing interest, it is customary to consider 360 days as a year.
2. The stated rate of interest is always the same as the effective rate of interest. TRUE
3. An auxiliary record of notes payable that provides detailed information about the notes owed by a business is known as a notes payable journal.
4. A promissory note is usually referred to as a "note." FALSE
5. Maturity value is equal to face value plus interest.
6. In preparing the financial statements at the end of the year, the balance in the interest receivable account will be reported on the balance sheet as a current asset.
7. The net amount received from the bank on a discounted note receivable is called the proceeds.
8. On a non-interest bearing, discounted note, it is possible for the stated interest rate to differ from the effective interest rate.
9. A promissory note may be interest bearing or non-interest bearing.
10. The maker of the note is the one who is to receive the specified amount of money.
11. The maker of the note is the one who promises to pay a certain amount of money at a definite future time.
12. When the term of a note is specified in days, time is computed using the exact number of days from the date of the note to the date of its maturity.