Homework Answers
Answer : D
Cash method of accounting is also used by other type of businesses,such as farming businesses,qualified personal business corporations and entities with average gross receipts of $5,000,000 or less.
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Which of the following partnerships can use the cash method of accounting? O A. a chocolate...
Which of the following C corporations will be allowed to use the cash method of accounting...
Which of the following C corporations will be allowed to use the cash method of accounting for 2018? Explain your answers. a. Jade Corporation, which had a gross receipts of $25.3 million in 2015, $24.1 million in 2016, and $25 million in 2017. b. Lime Coporation a personal service corporation, which had gross receipts of $25.8 million in 2015, $25.2 million in 2016, and $24.4 million in 2017.
#9 of 20 Which of the following statements regarding the cash basis of accounting is true?...
#9 of 20 Which of the following statements regarding the cash basis of accounting is true? O a. Expenses are reported in the same period as the revenues to which they relate. O b. The cash basis of accounting is used by most large businesses to provide accurate financial statements for users. O c. Revenues are reported in the period in which cash is received, and expenses are reported when cash is paid out. O d. Revenues are reported in...
Calculator As a general rule, corporations must use the cash method of accounting. However, under several...
Calculator As a general rule, corporations must use the cash method of accounting. However, under several exceptions to this rule le .. average annual gross receipts of 526 million or less for the most recent 3-Year period), a corporation can use the accrual method True
A taxpayer not required to use the accrual method of accounting can use the cash method...
A taxpayer not required to use the accrual method of accounting can use the cash method to account for its purchases and sales of goods and the accrual method to report all other items. True False
Which of the following is a true statement regarding the cash method of accounting? A A...
Which of the following is a true statement regarding the cash method of accounting? A A check does not constitute “payment” until it's cashed. B Cash basis taxpayers generally take deductions in the year items are actually or “constructively” paid. C If a taxpayer can unconditionally demand income from another party, it's not taxed to the taxpayer until demand is made. D Receipt of a check by the taxpayer's agent is considered receipt by the taxpayer.
Which of the following is a difference between corporations and partnerships? a. Partnerships are subject to...
Which of the following is a difference between corporations and partnerships? a. Partnerships are subject to double taxation; corporations are not. b. With partnerships, ownership rights are divisible and easily transferable; this is not true for corporations. c. Corporate owners face limited liability; owners of partnerships do not. d. Corporations always have more owners than partnerships.
Which of the following is an advantage of the cash payback method? a. It takes into...
Which of the following is an advantage of the cash payback method? a. It takes into consideration the time value of money. b. It emphasizes accounting income. c. It is easy to use. d. It includes the cash flow over the entire life of the proposal.
Net Present Value (NPV) is involved with a. Cash flows not accounting income b. Both cash...
Net Present Value (NPV) is involved with a. Cash flows not accounting income b. Both cash flows and accounting income c. Neither cash flows nor accounting income d. Accounting income not cash flows Select one: a. Accounting income not cash flows b. Neither cash flows nor accounting income c. Both cash flows and accounting income d. Cash flows not accounting income
Q1 Homework - Unanswered Which of the following is true? O A The board of directors...
Q1 Homework - Unanswered Which of the following is true? O A The board of directors has a fiduciary duty to shareholders. OB Shareholders elect the board of directors. 0 C Both a and b are true O D Neither a orbis true. Unanswered 2 attempts left - Submit Q2 Homework – Unanswered The problems stemming from a conflict of interest between shareholders and executives are called_ problems. O A agency O B opportunity O C incompatibility O D coordination...
Which of the following statements describe the correct rules for the accounting method generally required for...
Which of the following statements describe the correct rules for the accounting method generally required for corporations? Accrual if the corporation had average sales (gross receipts) for the past three years of less than $1 million. Cash if the business is a personal service business with over $15 million in sales. Accrual if the corporation has more than $26 million in average annual sales for the past three years. Accrual if the business is a service company and has over...
#9 of 20 Which of the following statements regarding the cash basis of accounting is true? O a. Expenses are reported in the same period as the revenues to which they relate. O b. The cash basis of accounting is used by most large businesses to provide accurate financial statements for users. O c. Revenues are reported in the period in which cash is received, and expenses are reported when cash is paid out. O d. Revenues are reported in...
Calculator As a general rule, corporations must use the cash method of accounting. However, under several exceptions to this rule le .. average annual gross receipts of 526 million or less for the most recent 3-Year period), a corporation can use the accrual method True
Q1 Homework - Unanswered Which of the following is true? O A The board of directors has a fiduciary duty to shareholders. OB Shareholders elect the board of directors. 0 C Both a and b are true O D Neither a orbis true. Unanswered 2 attempts left - Submit Q2 Homework – Unanswered The problems stemming from a conflict of interest between shareholders and executives are called_ problems. O A agency O B opportunity O C incompatibility O D coordination...
Which of the following statements describe the correct rules for the accounting method generally required for corporations? Accrual if the corporation had average sales (gross receipts) for the past three years of less than $1 million. Cash if the business is a personal service business with over $15 million in sales. Accrual if the corporation has more than $26 million in average annual sales for the past three years. Accrual if the business is a service company and has over...
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