Which of the following statements is not correct? (Points : 5) The use of the direct charge-off method of recording losses from uncollectible accounts usually results in the balance in the Accounts Receivable account being overstated. The direct charge-off method of recording losses from uncollectible accounts is the method required by Federal income tax laws. The direct charge-off method of recording losses from uncollectible accounts is an application of the matching principle. All of these statements are correct