The Difference Between Regulations and Revenue Rulings Is That

question 25

Multiple Choice

The difference between regulations and revenue rulings is that

• A)Revenue rulings are not limited to a given set of facts and regulations are limited.
• B)Revenue rulings are the direct law-making powers of Congress and regulations are not.
• C)Rulings require approval by the Secretary of the Treasury; regulations do not.
• D)Revenue rulings do not have the authority of regulations; regulations are a direct extension of the law-making powers of Congress.
• E)Only regulations are official pronouncements of the National Office of the IRS.

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Definitions:

NSF Checks

Checks that cannot be processed due to insufficient funds in the account on which they are drawn.

Petty Cash Fund

A minor sum of money maintained in reserve for completing instant transactions for various minor costs.

Journalize

Recording financial transactions in the appropriate book of accounts, ensuring they are officially documented.

Replenishment

The process of filling up or restocking inventory or supplies to maintain required levels.