Which of the following must use the accrual method of accounting?
I. A property management company, operating as a C corporation, with average annual gross receipts of $50 million.
II. An incorporated law firm with average annual gross receipts of $26 million.
III. An unincorporated grocery store with average annual gross receipts of $27,000,000.
A) All of the above must use the accrual method.
B) None of the above must use the accrual method.
C) Only I and II must use the accrual method.
D) Only I and III must use the accrual method.
E) Only III must use the accrual method.

Question

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The Answer of Which of the following must use the accrual method of accounting?
I. A property management company, operating as a C corporation, with average annual gross receipts of $50 million.
II. An incorporated law firm with average annual gross receipts of $26 million.
III. An unincorporated grocery store with average annual gross receipts of $27,000,000.
A) All of the above must use the accrual method.
B) None of the above must use the accrual method.
C) Only I and II must use the accrual method.
D) Only I and III must use the accrual method.
E) Only III must use the accrual method.

Which of the Following Must Use the Accrual Method of Accounting