Multiple Choice
Which of the following businesses must use the accrual method of accounting?
I.Champion Mortgage Corporation, which has annual gross receipts of $30,000,000.
II.The Happy Bookworm, a chain of bookstores with annual gross receipts of $39,500,000.
A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.
Correct Answer:
Verified
Correct Answer:
Verified
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