Taxpayers Who Change from One Accounting Period to Another Must

question 1638

True/False

Taxpayers who change from one accounting period to another must annualize their income for the resulting short period.

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Definitions:

Demand Schedule

A demand schedule is a table that shows the quantity of goods or services demanded at different price levels.

TR

Total Revenue, which is the total income generated from the sale of goods or services.

TC

Total cost, which is the sum of all costs incurred by a firm in the production of goods or services.

Economic Profit

The variance between sales income and the alternative costs of the inputs needed.