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

Under the cash method of accounting, fixed assets are not always expensed as the taxpayer pays for the assets. Instead, they are capitalized and depreciated over their useful life.

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