Question 1 (1 point) During the current year, TechCom concluded that a customer's 54,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is used to account for bad debts? No answer provided No effect on net income or on total de b. Decrease in net income no effect on total assets c. No effect on net income, decrease in totalasses Decrease in net income decrease in totalasses to page 2 Question 2 (1 point) Revenue expenditures are additional costs of property, plant and equipment that provide material benefits extending beyond the current period. No answer provided True Fabe Return to page 3 Question 3 (1 point) The use of an allowance for bad debts is required under the materiality principle. No answer provided True Fabe ar to page Question 4(1 point) A long-term liability can have a current component No answer provided True obe Return to page 5 Question 5 (1 point) An estimated liability is a known obligation of an uncertain amount that can be reasonably estimated No answer provided