Except in a Few Specific Circumstances,once Adopted,an Accounting Period May

question 91

True/False

Except in a few specific circumstances,once adopted,an accounting period may be changed without IRS approval.

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Definitions:

Express Contract

A legally binding agreement where the terms are explicitly stated either orally or in writing.

Employee Privacy

The right of employees to have their personal information, communications, and activities protected from unwarranted surveillance or disclosure in the workplace.

Illegal Actions

Actions that are in violation of the law, deemed criminal, and subject to legal penalties.

New Technologies

Recently developed or adopted technologies that significantly alter the business or social landscape.