Which of the Following Is a True Statement About Accounting

question 17

Multiple Choice

Which of the following is a true statement about accounting for business activities?

• A) An overall accounting method can only be adopted with the permission of the Commissioner.
• B) An overall accounting method is initially adopted on the first return filed for the business.
• C) The cash method can only be adopted by individual taxpayers.
• D)The accrual method can only be adopted by corporate taxpayers.
• E)None of these

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Definitions:

Figure-Ground Relationships

A concept in visual perception where the viewer can distinguish objects (the figure) from their surrounding context (the ground).

John Locke

A 17th-century English philosopher and physician known as one of the most influential of Enlightenment thinkers, particularly regarding social contract theory and liberalism.

Immanuel Kant

A German philosopher known for his work in epistemology, ethics, and aesthetics, emphasizing the importance of reason and autonomy.

Figure-Ground Relationships

A principle in gestalt psychology that describes how people visually distinguish an object (the figure) from its surrounding background (the ground).