True or False? If the useful life of an asset is 5 years, the straight-line rate is 20% per year.

True or False? The balance in Allowance for Doubtful Accounts at the end of a period is reported on the income statement as an operating expense.

True or False? Internal controls are the policies and procedures adopted by management to safeguard its assets, process information accurately, and ensure compliance with applicable laws.

True of False? The maturity value of a 12%, 60-day note for $1,000 is $120.