Which of the following is a true statement about accounting for business activities?

Question

Quizplus · Accepted Answer

An overall accounting method is initially adopted on the first return filed for the business. The cash method can be adopted by both individual and corporate taxpayers, while the accrual method can also be adopted by both types of taxpayers. The permission of the Commissioner is only required to change from one accounting method to another, not to initially adopt an overall method. So options A, B, and D are incorrect.

Which of the Following Is a True Statement About Accounting