Tobecome an Enrolled Agent, a Person Must Either Pass a Special

question 26

True/False

Tobecome an enrolled agent, a person must either pass a special IRS examination or must work for the IRS for at least five years.

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Definitions:

Subsidiary Ledger

A detailed ledger that contains the individual accounts related to a specific area, like accounts receivable or payable, which rolls up into the general ledger.

Compound Journal Entry

An accounting entry that involves more than two accounts, where there are multiple debits, multiple credits, or both.

Salvage Value

The appraisal of an asset’s market price at the exhaustion of its operational time.

Depreciation Rates

The percentage at which an asset's value is reduced to account for wear and tear over its useful life.