Answer the following statements true (T) or false (F)
1. To ensure consistency, a good internal control policy would be to have the same person who grants credit be in charge of writing off bad debts.
2. The simplest way to account for an uncollectible account is to use the allowance method.
3. When writing off an account using the direct write-off method, the journal entry would include a debit to Bad Debt Expense.
4. The direct write-off method for accounting for bad debts is the preferred method under US GAAP.
5. The direct write-off method always adheres to the matching principle.
1. FALSE
2. FALSE
3. TRUE
4. FALSE
5. FALSE
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What will be an ideal response?
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