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5. Which one of the following statements describes accounting methods? A. Almost all individuals use the cash method of accounting. B. If an individual uses
5. | Which one of the following statements describes accounting methods? |
A. Almost all individuals use the cash method of accounting.
B. If an individual uses the cash method of accounting for wages and interest, that individual cannot use accrual accounting for a proprietorship reported on Schedule C.
C. An individual who uses the cash method of accounting only reports amounts actually received.
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