Help!

True or False

3) Customers postdated checks are treated as part of the cash and cash equivalents account of an entity.

6) Nontrade receivables which are expected to be realized in cash within one year, the length of the operating cycle notwithstanding, are classified as current assets.

7) Doubtful accounts are recognized when the loss is probable and the amount can be estimated reliably.

8) Subsequent to initial recognition, long-term notes receivable shall be measured at present value using the effective interest method.

9) The inventory account applies to business engaged in manufacturing, merchandising and rendering of a service.

10) Under the periodic inventory system, all purchase discounts must be deducted from the net cost of purchases, regardless if the entity availed itself of the said discount.

11) Specific identification method is expensive and difficult to implement given the number of inventory cards that must be maintained unless the entity uses high-speed computers.

12) Transaction costs incurred on the acquisition of trading investments are expenses immediately.

13) If the asset exchange has commercial substance, gain or loss on the exchange is not recognized.

14) Because companies can move the heavy equipment from one extracting site to another, companies do not normally include tangible equipment costs in the depletion base.

15) The cost of a separately acquired intangible asset comprises its purchase price, including import duties and nonrefundable purchase taxes, and costs of conducting a business in a new location.