All of the Following Statements Are True Except

question 99

Multiple Choice

All of the following statements are true except

• A)once adopted,an accounting period normally cannot be changed without approval by the IRS.
• B)taxpayers who change from one accounting period to another must annualize their income for the resulting short period.
• C)taxpayers filing an initial tax return are required to annualize the year's income and prorate exemptions and credits.
• D)an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.

Differentiate between observational and experimental studies.

Identify and explain common sources of bias in surveys and studies.

Recognize factors important in designing questionnaires to minimize errors.

Understand the concept of sampling and various sampling techniques.

---

Definitions:

Apparent Authority

A situation where a reasonable person would understand that an agent had authority to act, even if the agent did not have actual authority.

Limited Partnership

A partnership consisting of one or more general partners who manage the business and are personally liable, and one or more limited partners whose liability is restricted to their investment.

Transferable Rights

Rights or privileges that can be transferred or assigned from one party to another, either freely or under certain conditions.

LLLP

A Limited Liability Limited Partnership, a form of business organization that combines elements of a partnership and limited liability protections.