Under what circumstances wuld a taxpayer use both the cash method and the accrual method...

50.1K

Verified Solution

Question

Accounting

Under what circumstances wuld a taxpayer use both the cash method and the accrual method of accounting at the same time?

A. For a cash method taxpayer who has inventory

B. For a company accounting for inventories using Last In First Out (LIFO)

C. For a service business with average annual gross receipts of more than $10 million dollars in the previous three years

D. For C Corporations with average annual gross receipts for the previous three years of more than $5 million

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students