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Which of the following is not included in conversion costs?
360-Day Year
An accounting convention that simplifies interest calculations by assuming there are 360 days in a year.
Note Payable
A financial obligation or loan evidenced by a written promissory note specifying payment terms.
Discounted Note
A promissory note whose proceeds are issued at a price lower than its face value, with the difference compensating the lender for risk.
360-Day Year
An accounting convention that simplifies interest calculation by assuming all months have 30 days, resulting in a 360-day year.
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