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:

Economic Activity

Every activity related to creating, distributing, and using products and services within an economic system.

Adam Smith

An 18th-century Scottish economist and philosopher, widely considered the father of modern economics, best known for his works on the principles of free market and the "invisible hand" concept.

Own Interests

Actions or decisions driven by personal benefits or gains, often discussed in the context of economic behavior or political decision-making.

Public Interest

The well-being and general benefit of the community or society at large, often guiding government policy and legal decisions.