When is Gross Income Reportable: Accounting Methods: Accural Method Flashcards

1
Q

Accrual Method

A

All events have occured which fix the taxpayer’s right to it,

Amount can be determined with reasonable accuracy

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2
Q

Deductions

A

When all events have occured which fix taxpayer’s obligation to pay.

Amount can be determined with reasonable accuracy

Economic performance occurs.

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