Which of the following must use the accrual method of accounting? I. An incorporated property management company with average annual gross receipts of $50 million. II. An incorporated law firm with average annual gross receipts of $6 million. III. An unincorporated grocery store with average annual gross receipts of $1,200,000.
A)All of the above must use the accrual method.
B)None of the above must use the accrual method.
C)Only I and II must use the accrual method.
D)Only I and III must use the accrual method.
E)Only III must use the accrual method.

Question

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The Answer of Which of the following must use the accrual method of accounting? I. An incorporated property management company with average annual gross receipts of $50 million. II. An incorporated law firm with average annual gross receipts of $6 million. III. An unincorporated grocery store with average annual gross receipts of $1,200,000.
A)All of the above must use the accrual method.
B)None of the above must use the accrual method.
C)Only I and II must use the accrual method.
D)Only I and III must use the accrual method.
E)Only III must use the accrual method.

Which of the Following Must Use the Accrual Method of Accounting