Which of the following methods may be used by farmers to determine their gross income? * a. Cash basis or receipts or disbursements basis in which an inventory is used to determine profits. b. Accrual basis in which an inventory is used to determine profits. c. Crop basis which is used when the farmer is engaged in producing crops which take less than a year to gather and dispose of from the time of planting. d. All of the choices. e. Answer not given
Which of the following methods may be used by farmers to determine their gross income? * a. Cash basis or receipts or disbursements basis in which an inventory is used to determine profits. b. Accrual basis in which an inventory is used to determine profits. c. Crop basis which is used when the farmer is engaged in producing crops which take less than a year to gather and dispose of from the time of planting. d. All of the choices. e. Answer not given
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following methods may be used by farmers to determine their gross income? *
a. Cash basis or receipts or disbursements basis in which an inventory is used to determine profits.
b. Accrual basis in which an inventory is used to determine profits.
c. Crop basis which is used when the farmer is engaged in producing crops which take less than a year to gather and dispose of from the time of planting.
d. All of the choices.
e. Answer not given
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