All of the following statements are true except
A. taxpayers filing an initial tax return are required to annualize the year's income and credits.
B. once adopted, an accounting period normally cannot be changed without approval by the IRS.
C. taxpayers who change from one accounting period to another must annualize their income for the resulting short period.
D. an existing partnership can change its tax year without prior approval if the partners with a majority interest have the same tax year to which the partnership changes.
Answer: A
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A) Instant messages B) Texting C) Phone calls D) Emails E) Face to face
Cash flow yield is a
A) liquidity ratio. B) profitability ratio. C) long-term solvency ratio. D) market strength ratio.
Andrew Industries purchased $165,000 of raw materials on account during the month of March. The beginning Raw Materials Inventory balance was $22,000, and the materials used to complete jobs during the month were $141,000 direct materials and $13,000 indirect materials. How should Andrews record the purchase of raw materials for March?
A. Debit Accounts Payable $165,000; credit Raw Materials Inventory $165,000 B. Debit Work in Process Inventory $165,000; credit Raw Materials Inventory $165,000 C. Debit Raw Materials Inventory $165,000; credit Accounts Payable $165,000 D. Debit Raw Materials Inventory $187,000; credit Cash $187,000 E. Debit Accounts Payable $187,000; credit Raw Materials Inventory $187,000
Yardstick reports examine problems with two or more solutions
Indicate whether the statement is true or false