Tax-Exempt Organizations Are Required to File Form 990 by the 15th

question 51

True/False

Tax-exempt organizations are required to file Form 990 by the 15th day of the 5th month following the organization's taxable year.

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Definitions:

Available Balance

The funds in a bank account that are accessible for withdrawal or use, accounting for any pending transactions.

Book Balance

The amount of money on the books or recorded in the financial statements, differing from the actual cash balance due to outstanding checks or deposits in transit.

Zero-balance Account

A type of bank account that maintains a balance of zero, with funds being transferred into it to cover checks written or transactions made.

Master Account

An overarching account that holds multiple sub-accounts, often used by businesses to manage various funds or investments.