Answer the questions below, True or False:

11- Accounts Receivables includes customer or noncustomer transactions with interest component.

12- Trade Discounts can be accounted under the gross and net method:

13- Trade Discounts are created as an inducement for prompt payment from the customers:

14- Under the gross method of accounting for the cash discounts, if the customer pays within the discount period, a sales discount is recognized (contra revenue account):

15- Under the net method of accounting for the cash discounts, if the customer pays within the discount period, a sales discount is recognized (contra revenue account)

16- Under the net method of accounting for the cash discounts, if the customer does not pay within the discount period, a sales discount forfeit is recognized (revenue account):

17- Under the allowance method, we can estimate the uncollectable accounts receivable using either the 1) Percentage-of-Sales Approach and/or 2) Percentage-of-Receivables Approach:

18- Property, plant, and equipment includes only depreciable assets such buildings, and equipment.

19- Property, plant and equipment is to be used in operations and for resale.

20- Land could include additional land improvements that have an indefinite life

21- Cost of buildings could include professional fees and building permits

22- Cost of equipment does not include costs of conducting trial runs.