In General, a Corporation Can Elect to Use Either the Accrual

question 98

True/False

In general, a corporation can elect to use either the accrual or cash method of accounting no matter how large the corporation.
Large corporations (average gross receipts exceeding $5 million over the prior three years) are required to use the accrual method.

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Definitions:

Price

The amount of money required to purchase a good or service, often determined by supply and demand in the market.

Demand

The quantity of a product or service that consumers are willing and able to buy at a given price over a specified period of time.

Price

The expenditure needed to secure a product, service, or piece of property.

Price-discriminating Monopolist

A monopolist that sells the same product at different prices to different groups of consumers, usually to maximize profits by capturing consumer surplus.