Which of the following statements is true? once adopted an, Ask an Expert

Accounting

Which of the following statements is true?

I. Once adopted, an accounting period normally cannot be changed without approval by the IRS.

II. Taxpayers who change from one accounting period to another must annualize their income for the resulting short period.

III. Taxpayers filing an initial tax return are required to annualize the year's income and prorate exemptions and credits.

A. I only

B. II only

C. III only

D. I and II only

E. I, II, and II/i

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Accounting Basics, Accounting

Category:- Accounting Basics
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