Which of the Following Is a True Statement About a Request

question 23

Multiple Choice

Which of the following is a true statement about a request for a change in accounting method?

• A)Some requests are automatically granted.
• B)Most requests require the permission of the commissioner.
• C)Many requests require payment of a fee and a good business purpose for the change.
• D)Form 3115 is typically required to be filed with a request for change in accounting method.
• E)All of the choices are true.

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Definitions:

Agent

A person or entity authorized to act on behalf of another person or entity (the principal), typically within the scope of business or legal matters.

Indemnify The Agent

To protect the agent against losses, damages, or liabilities arising from their actions while performing their duties.

Tort Liability

Legal responsibility arising from a civil wrong or injury that does not involve a contract breach, leading to legal liability.

Principal

In finance, this term refers to the original sum of money invested or loaned, not including any interest or dividends. In law, it can also mean the main party to a transaction.