Which of the Following Is a True Statement About Accounting

question 27

Multiple Choice

Which of the following is a true statement about accounting for business activities?

• A)An overall accounting method can only be adopted with the permission of the commissioner.
• B)An overall accounting method is initially adopted on the first return filed for the business.
• C)The cash method can only be adopted by individual taxpayers.
• D)The accrual method can only be adopted by corporate taxpayers.
• E)None of the choices are true.

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Definitions:

Instrumental Aid

Instrumental aid refers to practical or physical assistance provided to someone in need, such as helping with tasks or providing resources.

Symmetrical Reciprocity

The concept where two parties engage in a relationship or exchange that is equally beneficial and balanced in terms of giving and receiving.

E-Mail Communications

The exchange of messages and information between individuals or groups through electronic mail systems.

Gender Differences

The distinctions in characteristics, roles, behaviors, and cultural expectations typically associated with one's sex or gender identity.