Please Help! True or False

INDICATE WHETHER THE FOLLOWING STATEMENTS ARE TRUE OR FALSE. Allowance for Doubtful Accounts is a contra-account that is disclosed under Current Assets of the Balance Sheet. Depreciation is used to report the fair market value of an asset. Selecting an inventory costing method for book purposes generally has no effect on the amount of income tax liability incurred by a company. Use of the percentage of net sales method for estimating the uncollectible accounts expense violates the matching principle. Trademarks are amortized on a straight-line basis over a 20-year period under the GAAP rules. Impairment losses result when the carrying value of an an asset falls below its deemed fair market value. Inventory must be evaluated for impairment under the GAAP rules. The LIFO reserve can be used to approximate the tax savings captured by a company that utilizes LIFO as opposed to FIFO. A LIFO liquidation occurs when the ending inventory units are greater than the beginning inventory units in an accounting cycle. To promote efficiency, companies target a low account T F T F F T F receivable turnover