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:

Over-responsiveness

Excessive or exaggerated reaction to stimuli.

Benzodiazepines

A class of psychoactive drugs used primarily for treating anxiety, insomnia, and for the induction of anesthesia.

Xanax

A prescription medication used to treat anxiety and panic disorders, known generically as alprazolam.

Valium

A brand name for diazepam, a medication belonging to the benzodiazepine family, used to treat anxiety, muscle spasms, seizures, and other conditions.