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C is corrent. The requirement is to determine the correct statement with regard to the accrual method of reporting income. Under the accrual method, an item is generally included in gross income for the year in which it is earned, regardless of when income is collected. An item of income is earned when all the events have occurred to fix the taxpayer’s right to receive the income, and the amount of income can be determined with reasonable accuracy.
A is incorrect as it answers when a cash-basis taxpayer should report gross income.
B is incorrect as the amount of an item of income need only be determined with reasonable accuracy; not absolute certainty.
D is incorrect. Under the accrual method income is generally reported when earned.