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:

Financial Statements

Formal records of the financial activities and condition of a business, person, or other entity, often including the balance sheet, income statement, and cash flow statement.

Potential Investors

Individuals or entities that have the capability to invest capital in a project or company but have not yet committed to the investment.