TRUE FALSE (3 points each) DECT WRITE-OFF method of handling uncollectible accounts 1. The DIRECT WRITE violates the matching principle. A) True B) False The person that owes the debt in a promissory note is called the payee. A) True B) False 3. If any portion of a long-term debt is to be paid in the next year, then the entire debt should be classified as a current liability. A) True B) False MULTIPLE CHOICE (3 points each) 4. The account "Allowance for Doubtful Accounts" is classified as an A) Contra-expense account. B) expense. C) liability D) Contra-asset account