Question: Question 5 Match the correct term with the definition or phrase: Accounting Methods and Periods. [ Choose ] Installment Method. [ Choose ] Long-term Contracts

Question 5

Match the correct term with the definition or phrase:

Accounting Methods and Periods. [ Choose ]

Installment Method. [ Choose ]

Long-term Contracts [ Choose ]

Inventories [ Choose ]

Choose options

-Applies to building, construction, and manufacturing projects that extend beyond the year it began. Methods of accounting

-Taxpayer must obtain permission for changes once a method and period has been adopted (used).

-Allows taxpayer to recognize income when received. One payment must be received after the time of sale. Reasonable interest

-Like financial accounting, inventory must be valued at lower of cost or market.

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