Which of the Following Statements Regarding a Corporation's Overall Accounting

question 121

Multiple Choice

Which of the following statements regarding a corporation's overall accounting method is true?

• A)If a corporation's average gross receipts for 2016-2018 are $26,500,000, the corporation is required to use the accrual method of accounting in 2019.
• B)If a corporation's first year of existence is 2018 and the corporation's gross receipts in 2018 are $29 million, the corporation is required to use the accrual method of accounting in 2019.
• C)Both of these are true statements.
• D)Neither of these are true statements.