Because uncollectible account losses are incurred to generate sales, they should be charged against the sales that they helped generate. ?. True b. False Uncollectible account losses are a cost of selling on credit a. True b. False The allowance method of estimating uncollectible accounts violates the matching principle. a. True b. False Uncollectible accounts expense must be estimated because it is not likely to know with certainty which accounts will not be collected. a. True b. False The Allowance for Uncollectible Accounts is a contra-asset account a. True b. False The direct write-off method of recognizing uncollectible accounts is not in accordance with GAAP. a. True b. False Inventory is valued on the balance sheet at the expected retail selling price. a. True b. False The determination of the balance sheet cost of inventory is important to the determination of net income. a. True b. False In accounting for inventory, the assumed flow of costs must match the physical flow of goods a. True b. False The LIFO inventory method agrees with the actual physical movement of goods in most businesses. a. True b. False In periods of rising prices, the FIFO inventory method will result m a larger net income than the LIFO method. a. True b. False The LIFO method is rarely used because most companies do not sell the last goods they purchase first. a. True b. False