In General,a Change in Accounting Method Must Be Approved by the IRS

question 60

True/False

In general,a change in accounting method must be approved by the IRS.

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Definitions:

Balance Sheet

An accounting report displaying the financial condition of a business, including what it owns, owes, and the equity held by shareholders on a given date.

Leases

A contractual arrangement where a lessee (user) pays the lessor (owner) for the use of an asset for a specified period of time.

FASB

Financial Accounting Standards Board. The body within the accounting profession that sets rules and standards for the form and content of financial statements.

Yields

The earnings generated and realized on an investment over a particular period, expressed as a percentage of the investment's cost.