Which of the following taxpayers is required to use the accrual method of accounting?
A) A retail business with average annual gross receipts of $8,000,000.
B) A medical doctor with average annual gross receipts of $2 million.
C) An insurance agency with average annual gross receipts of $5 million.
D) All of the above are required to use the accrual method.
E) None of the above is required to use the accrual method.

Question

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The Answer of Which of the following taxpayers is required to use the accrual method of accounting?
A) A retail business with average annual gross receipts of $8,000,000.
B) A medical doctor with average annual gross receipts of $2 million.
C) An insurance agency with average annual gross receipts of $5 million.
D) All of the above are required to use the accrual method.
E) None of the above is required to use the accrual method.

Which of the Following Taxpayers Is Required to Use the Accrual