Which of the Following Is a True Statement About Accounting

question 51

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 these is true.

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Definitions:

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of values.

Confidence Level

The probability or likelihood, expressed as a percentage, that a confidence interval actually includes the true parameter value.

Confidence Level

Expressed in percentage terms, this statistical measure tells us how confident we can be about the range within which the true parameter of a population lies, based on sample data.

Sample Size

The number of observations or units in a sample taken from a population for the purpose of statistical analysis.