T Is Switching Accounting Methods This Year

question 61

Multiple Choice

T is switching accounting methods this year.Which of the following statements is true?

• A)Assuming T initiates the change, any adjustment normally will be accounted for in the year of the change.
• B)Assuming the IRS initiates the change, any adjustment normally will be accounted for in the year of the change.
• C)There are no special tax consequences arising from a change in accounting method as long as the taxpayer is switching from one permissible method to another.
• D)None of the above

---

Definitions:

Excitability

The capability of a cell to respond to a stimulus, characteristic of nerve and muscle cells.

Nervous System

The nervous system is the network of nerve cells and fibers that transmits nerve impulses between parts of the body, coordinating bodily functions and responding to internal and external stimuli.

Stimulation

The action of applying a stimulus to a bodily part to produce a response, often used in a variety of contexts from physical to mental stimulation.

Vasoconstriction

The narrowing of blood vessels, which increases blood pressure and decreases blood flow to certain parts of the body.