Which of the following entities is required to report on the accrual basis? a. An accounting firm

Question:

Which of the following entities is required to report on the accrual basis?

a. An accounting firm operating as a Personal Service Corporation.

b. A manufacturing business with $30 million of gross receipts operating as a regular C corporation.

c. A corporation engaged in tropical fruit farming in Southern California.

d. All of the above corporations must report on the accrual basis.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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