In Regards to Accounting Methods

question 8

Multiple Choice

In regards to accounting methods:

• A)The accrual method requires income to be recognized when money is received.
• B)The business must make an election for its overall method of accounting when filing its first tax return.
• C)The business may change accounting methods on its tax return anytime.
• D)The cash method requires the deduction of expenses when all activities related to the expense have been performed.

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Definitions:

Exhaust Administrative Remedies

The principle that requires a party to use all available administrative options or appeals within an agency before pursuing legal action in court.

Writ of Certiorari

A type of writ by which a higher court reviews the decisions of a lower court.

Inspector General

An official in charge of inspecting and overseeing the operations and activities within a particular organization to ensure compliance and integrity.

Administrative Adjudications

Administrative Adjudications refer to the process by which government agencies resolve disputes or make determinations in regulatory or legal matters.