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.

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Definitions:

Production Department

The production department is a segment of a company responsible for the actual creation and assembly of the company's products.

Reporting Period

The span of time covered by financial statements or reports, typically a quarter or a year.

Materials Consumption Report

A detailed report that tracks the quantity and cost of materials used during a manufacturing or production process.

Materials Requisitions

Materials requisitions are formal requests issued within an organization to obtain materials or products necessary for production or operations.