For each question, indicate whether the statement is true or false by typing a "T" for true or "F" for false beside the question number. 1. The carrying amount of a long-lived asset is the amount originally paid for the asset less anticipated residual value. 2. Entries affecting accounts receivable are posted only to the subsidiary ledger. 3. The investment of an asset into a partnership should be recorded at the higher value of the asset's original cost or the asset's fair value. 4. A note payable must be payable within one year. 5. All long-lived assets must be depreciated for accounting purposes. 6. Under the allowance method, Bad Debt Expense is debited when an account is deemed uncollectible and must be written off. 7. Partnership profit or loss must be divided according to the formulas that are outlined in the partnership agreement. 8. With a customer loyalty program, the cost of the program is usually shown as a sales discount and reported as a contra sales account. 9. A change in the estimated residual value of a long-lived asset requires a restatement of prior years' depreciation. 10. A dishonoured note is normally returned to the accounts receivable account when it is dishonoured. 11. A partnership with total assets of $90,000 has decided to give a new partner 25% ownership. The new partner will invest $20,000 in the partnership. This will give a bonus to the old partners. 12. Employer payroll costs will include both the gross wages of employees plus the employer costs of benefits. 13. In a disposal of an asset, if the carrying amount of the asset exceeds the proceeds received, profit will increase. 14. Accounts receivable and notes receivable due within one year should be netted and presented as one figure in the current asset section of the balance sheet. 15. A bonus may be paid to a departing partner when the fair value of a partnership asset exceeds the carrying amount of partnership assets. 16. On the balance sheet, current liabilities must always be listed in order of liquidity by maturity date. 17. CPP and EI and income tax deductions are remitted to the CRA, usually on a quarterly basis. 18. Internally generated goodwill can be recorded as an asset by a company so long as it's verified by an independent source. 19. Companies must report goodwill separately from property, plant, and equipment, and intangible assets. 20. The liquidation of a partnership is done to ensure that the fair value of the remaining assets is recorded accurately