The Internal Revenue Service Is Part of the

question 21

Multiple Choice

The Internal Revenue Service is part of the

• A)Congress.
• B)Treasury Department.
• C)Federal Bureau of Investigation.
• D)U)S. Customs Department.

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Definitions:

Adjusting Journal Entry

A type of entry made in the books of accounts to correct or update the financial statements to more accurately reflect the financial position of the business.

Prepaid Insurance Expense

An accounting term referring to payments made for insurance coverage before the coverage period starts, recorded as an asset on the balance sheet.

Insurance Policy

A contract between an insurance provider and an individual or entity, offering financial protection against loss or damage as specified in the policy terms.

Adjusting Journal Entry

A record documented at the closing of an accounting cycle to distribute revenues and expenses to the appropriate period they took place in.