In General,a Change in Accounting Method Must Be Approved by the IRS

question 60

True/False

In general,a change in accounting method must be approved by the IRS.

---

Definitions:

FIFO Method

An inventory valuation method where the first items purchased are the first ones to be sold, standing for "First In, First Out."

Ending Inventory

The total value of goods available for sale at the end of an accounting period, after accounting for purchases and sales.

Brown Bears

Brown bears are large bear species found across various parts of northern Eurasia and North America, known scientifically as Ursus arctos.

Beginning Inventory

The amount of inventory that a business has on hand at the start of an accounting period.