An Intermediate Sanction Imposed by the IRS on an Exempt

question 51

True/False

An intermediate sanction imposed by the IRS on an exempt organization is a greater sanction than revocation of exempt status.

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Definitions:

Journal Entry

A record in accounting that represents every single transaction made by a company, detailing the financial activities.

Debits

Entries on the left side of a double-entry bookkeeping system that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.

Debits

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in an individual's bank account.

Assets

Resources owned or controlled by a person or company, expected to bring future economic benefits.