Which of the following statements is not correct? (Points : 5) The use of the di

Question

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.

Explanation / Answer

The direct charge-off method of recording losses from uncollectible accounts is an application of the matching principle

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