Falcon Corporation Had Gross Receipts of $5 Million in 2005,$6

question 103

Multiple Choice

Falcon Corporation had gross receipts of $5 million in 2005,$6 million in 2006,and $3 million in 2007.Hawk Corporation,a PSC,had gross receipts of $4 million in 2005,$6 million in 2006,and $7 million in 2007.Which of the corporations will be allowed to use the cash method of accounting in 2008?

• A)Falcon Corporation only.
• B)Hawk Corporation only.
• C)Both Falcon Corporation and Hawk Corporation.
• D)Neither Falcon Corporation nor Hawk Corporation.
• E)None of the above.

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Definitions:

Sociology Majors

Students specializing in the study of society, social relationships, and institutions as their primary academic discipline.

Buy Nothing Day

An international day of protest against consumerism, typically observed by refraining from purchasing non-essential goods.

Radical Social Movement

A type of social movement aiming for fundamental changes in society, often challenging existing power structures and norms.

Regressive

Term describing resistance to particular social changes, efforts to maintain the status quo, or attempts to reestablish an earlier form of social order.