Alvin,a practicing attorney who also owns an office supplies store,may use the cash basis for his legal practice and the accrual basis for his office supplies store.

Question

Quizplus · Accepted Answer

It is permissible for individuals to use different accounting methods for different businesses or even for different aspects of the same business. Therefore, Alvin may use the cash basis for his legal practice and the accrual basis for his office supplies store.

Alvin,a Practicing Attorney Who Also Owns an Office Supplies Store,may