1) Define and discuss when an Account Receivable should be established.2) Is a receivable an asset or a liability? Provide reasoning.3) What happens when a Receivable is uncollectable?4) What is a Note Receivable? What types of terms usually exist? How is the interest calculated?5) How are Receivables sold / factored? What are the advantages? What are the disadvantages? Discuss.6) What are some internal controls that you would expect to see around the accounts receivable process?*Be sure to provide a complete and thorough analysis for the selected question