When a New Business Is Formed,it Must Request Approval from the IRS

question 3

True/False

When a new business is formed,it must request approval from the IRS regarding the adoption of its various accounting methods.

---

Definitions:

Sale of Equipment

A financial transaction involving the disposal of equipment assets in exchange for cash or other compensation.

Note Receivable

A written promise for amounts to be received by a business, typically including interest, from another party.

Note Payable

A written promise to pay a certain sum of money on a specified future date, which is a liability on a company's balance sheet.

Specified Amount

An exact or particular amount that has been agreed upon or is required within a certain agreement or context.