With respect to the Allowance for Doubtful Accounts, which statement is False.

An estimate that is too low overstates the amounts for both Accounts

Receivable and Net Income.

An actual amount that is too low underestimates the amounts for both Accounts

Receivable and Net Income.

An estimate that is too high understates the amounts for both Accounts

Receivable and Net Income.

An actual amount that is too high implies very tight credit standards.

Question $8(1$ point$)$

Which of the following is not a financial statement?

Income statement

Audit report

Statement of Cash Flows

Statement of stockholders' equity