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 the choices are True.

Question

Quizplus · Accepted Answer

An overall accounting method (cash or accrual) is initially adopted with the first return filed for the business.

Which of the Following Is a True Statement About Accounting