1. When initially recognized, accounts receivables are required to have a valuation allowance based on expected credit losses for their lifetime.

2. For a new company with no history of uncollectible accounts, receivables can be written off when they are determined uncollectible.

3. Aging of accounts receivable is often done to determine an allowance for doubtful accounts.

4. When initially recognized, notes receivables are required to have a valuation allowance based on expected credit losses for their lifetime.

5. In ASPE, impairment of notes receivables is considered only if there is objective evidence of a loss.

Required:

Identify whether each statement is true or false.