Except in a Few Specific Circumstances,once Adopted,an Accounting Period May

question 91

True/False

Except in a few specific circumstances,once adopted,an accounting period may be changed without IRS approval.

---

Definitions:

Overhead Costs

Expenses that are not directly tied to a specific product or service but are necessary for running a business, such as rent and utilities.

Production Departments

Specific areas within a manufacturing facility where goods are produced, often specialized by a certain type of product or process.

Performance Report

A document that compares actual results to budgeted or planned performance to gauge an organization's efficiency.

Joint Cost Allocations

The process of distributing shared costs among different products, services, or departments within an organization.