Mark the correct answer. In cash basis accounting, for tax purposes: A. The cash

Question

Mark the correct answer. In cash basis accounting, for tax purposes: A. The cash basis is not allowed for businesses reported on Schedule B.. Income Mark the correct answer. In cash basis accounting, for tax purposes: AThe cash basis is not allowed for businesses reported on Schedule C. B. Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. cIncome is recognized when it is actually or constructively received and expenses are recognized when they are actually or constructively incurred, regardless of when paid. D. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid.

Explanation / Answer

Ans-

D.     Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid

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