Which of the Following Statements Is Incorrect

question 60

Multiple Choice

Which of the following statements is incorrect?

• A) A corporation can choose the fiscal year-end of its choice when it files its first tax return without approval of the IRS.
• B) A corporation with average annual gross receipts of $10 million must use the accrual basis of accounting.
• C) A calendar year corporation must file its tax return no later than April 15 of the following year.
• D)C corporations must annually file a Form 1120 tax return.

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Definitions:

Inspiratory Capacity (IC)

The maximum amount of air that can be inhaled after a normal exhalation.

Tidal Volume (TV)

The amount of air that is inhaled or exhaled during normal breathing at rest.

Inspiratory Capacity (IC)

The maximum volume of air that can be inhaled after a normal exhalation, measured to assess lung function.

Spirometer

A device used to measure the volume of air inhaled and exhaled by the lungs.