Prior Corp

question 95

Multiple Choice

Prior Corp.plans to change its method of accounting for supplies.Both the old and new methods are acceptable.Which of the following statements is correct regarding the change?

• A)The taxpayer will need to amend prior returns to reflect the new method.
• B)The taxpayer will report the full amount of change in the current tax return.
• C)The taxpayer will report the net adjustment over four years.
• D)The taxpayer will report the net adjustment and pay the tax when it files the Form 3115.

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Definitions:

Cradle to Grave

Considering all stages of a product's life cycle, from raw material extraction (cradle) to disposal or recycling (grave).

Renewable Energy

Energy generated from natural processes that are continuously replenished, such as sunlight, wind, and water flow.

Energy Sources

The origins or types of power, such as fossil fuels, renewable energy, or electricity, used to operate machinery, vehicles, and support human activities.

Supply Chain Sustainability

Practices and strategies in supply chains that promote environmental, economic, and social well-being over the long term.