Which of the Following Businesses Must Use the Accrual Method

question 49

Multiple Choice

Which of the following businesses must use the accrual method of accounting?
I.Champion Mortgage Corporation,which has annual gross receipts of $10,000,000.
II.The Happy Bookworm,a local bookstore with annual gross receipts of $950,000.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Individual Parts

Components or pieces that when combined form a whole system or object.

Physiological Psychology

A branch of psychology that studies the relationship between behavior and the physical processes of the brain and other parts of the nervous system.

University of Leipzig

The University of Leipzig is a renowned research university located in Leipzig, Germany, established in 1409, making it one of the world's oldest universities.

Wilhelm Wundt

A German psychologist widely considered the father of experimental psychology, who established the first psychological laboratory.