Prior Corp

question 95

Multiple Choice

Prior Corp.plans to change its method of accounting for supplies.Both the old and new methods are acceptable.Which of the following statements is correct regarding the change?

• A)The taxpayer will need to amend prior returns to reflect the new method.
• B)The taxpayer will report the full amount of change in the current tax return.
• C)The taxpayer will report the net adjustment over four years.
• D)The taxpayer will report the net adjustment and pay the tax when it files the Form 3115.

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Definitions:

Mental Rehearsing

The cognitive practice of simulating a task in the mind, enhancing performance and preparation.

Hippocampus

A small, curved formation in the brain that plays an important role in the formation of new memories and is associated with learning and emotions.

Neural Activity

Neural activity refers to the electrical and chemical processes that occur within neurons, facilitating the transmission of signals throughout the nervous system.

Phonemic Encoding

The process of converting sounds into mental representations of the phonemes (distinct units of sound) that make up language, crucial for reading and spelling.