Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
1. Most companies do not expect to receive the full face value of their receivables
2. Use of the percent of receivables method of estimating uncollectible accounts expense may include an aging of accounts receivable
3. The percent revenue method of estimating uncollectible accounts expense is sometimes called an income statement approach
4. The estimated amount of uncollectible accounts is called the net realizable value
5. The practice of reporting the net realizable value of receivables is commonly called the allowance method of accounting for uncollectible accounts