From the followings, which statement regarding receivables considered a false statement: Select one: O A company will have receivables whenever it sells goods or services on credit Accounts receivable are also known as trade receivables. The receivables of an organization can be categorized into accounts receivable, notes receivable, and other receivables. The collection period of accounts receivable is usually long therefore it is classified as a long-term asset in the balance sheet. The collection period of accounts receivable is usually short therefore it is classified as a current asset in the balance sheet