An accrual-method business electing the will immediately recognize an advance payment as income, but a business electing the will recognize the income for tax purposes either when it would have recorded it without the advance payment or when it recognizes the income for financial accounting purposes.

The answers are "full-inlusion method" and "deferral method".

Explanation: An accrual-method business electing the FULL-INCLUSION METHOD will immediately recognize an advance payment as income, but a business electing the DEFERRAL METHOD will recognize the income for tax purposes either when it would have recorded it without the advance payment or when it recognizes the income for financial accounting purposes.

The correct answers are: full-inclusion method; deferrall method.

Explanation:

The full inclusion method states that advance payments are included in income in the same year in which they are presented.

The deferment method establishes that an advance payment be included in the gross income in the fiscal year of receipt to the extent recognized in the applicable financial statement of the taxpayer for that fiscal year or earned (for those taxpayers without an applicable financial statement) in that fiscal year, and the rest of the advance is included in the next following fiscal year (the fiscal year after the fiscal year in which the payment is received).

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