Prior Corp

question 447

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

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Definitions:

Error Standard Deviation

Represents the measure of dispersion or variability for the errors in a dataset, typically assessing the precision of predictions in a regression model.

Predictor Variables

Factors in statistical models that predict or account for variations in the outcome variable.

Regression Coefficient

A coefficient that represents the degree of change in the dependent variable for one unit of change in an independent variable in a regression model.

NFL

Stands for the National Football League, a professional American football league consisting of 32 teams, divided between the National Football Conference (NFC) and the American Football Conference (AFC).