All Exempt Organizations Must Obtain IRS Approval to Obtain Exempt

question 90

True/False

All exempt organizations must obtain IRS approval to obtain exempt status.

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Definitions:

Depreciation

The planned allocation of a physical asset's cost over the time it remains useful.

Merchandising Business

A type of business that purchases finished goods and sells them to consumers, typically at a retail level.

Revenue Account

An account that records the income a company generates from its normal business operations.

Inventory Cost

The total cost incurred to acquire, hold, and convert raw materials into finished goods, including costs of purchase, handling, and storage.