All of the Following Statements Are True Except

question 99

Multiple Choice

All of the following statements are true except

• A)once adopted,an accounting period normally cannot be changed without approval by the IRS.
• B)taxpayers who change from one accounting period to another must annualize their income for the resulting short period.
• C)taxpayers filing an initial tax return are required to annualize the year's income and prorate exemptions and credits.
• D)an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.

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Definitions:

Hypotonic

A term referring to a solution having an osmotic pressure (or solute concentration) less than that of the solution with which it is compared. Compare with hypertonic and isotonic.

Hypertonic

A solution that has a higher concentration of solutes compared to the solute concentration inside the cell, leading to the movement of water out of the cell.

Isotonic

A term applied to solutions that have identical concentrations of solute molecules and hence the same osmotic pressure. Compare with hypertonic and hypotonic.

Vesicle

A small fluid-filled bladder, sac, cyst, or vacuole within the body or a cell.