The accrual method generally must be used to report income:
A)From long-term construction contracts.
B)Earned by an incorporated public accounting firm with gross receipts in excess of $5 million.
C)Earned by partnership that has a partner that is a C corporation.
D)A grocery store with average annual gross receipts of $900,000.
E)None of the above.

Question

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The Answer of The accrual method generally must be used to report income:
A)From long-term construction contracts.
B)Earned by an incorporated public accounting firm with gross receipts in excess of $5 million.
C)Earned by partnership that has a partner that is a C corporation.
D)A grocery store with average annual gross receipts of $900,000.
E)None of the above.

The Accrual Method Generally Must Be Used to Report Income