Questions:

I) The percentage of completion method is an application of the matching principle: True or False?

II) On which financial statement at what amount are account receivable reported?

a) Balance sheet at the amount owed by customers

b) Income statement at the net uncollectible amount

c) Income statement at the amount written off

d) Balance sheet at the net realizable value

III) Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account:

a) Increses the allowance for uncollectible accounts

b) Has no effect on the allowance for uncollectible accounts

c) Has no effect on net income

d) Decrease net income

IV) The right the accounts turnover is, the faster receivables are being collected.

True or False?

V) According to GAAP revenue recognition criteria, in order for revenue to be recognized on the income statement , an amount must be either realized, realizable, or earned

True or False?