Under the cash method of accounting,all of the following are true with the exception of:
A)Fixed assets are always expensed as the taxpayer pays for the assets.
B)Gross income includes the value of property received.
C)To some extent,a taxpayer may control the year in which an expense is deductible by choosing when to make the payment.
D)Income is reported in the tax year in which payments are actually or constructively received.

Question

Quizplus · Accepted Answer

Fixed assets are not expensed in the year they are purchased under the cash method of accounting. Instead, they are depreciated over their useful life.

Under the Cash Method of Accounting,all of the Following Are