Which of the Following Is a True Statement About Accounting

question 61

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:

Internship

A professional learning experience that offers meaningful, practical work related to a student's field of study or career interest.

Professional Application Materials

Documents and materials submitted during job applications, including resumes, cover letters, portfolios, and other credentials, to demonstrate qualification and experience.

Portfolio

A collection of investments or projects held by an individual or organization.

Cover Letter

A document sent with a job application, introducing the applicant and highlighting their qualifications for the position.