The Internal Revenue Service Is Responsible for Issuing Accounting Standards

question 39

True/False

The Internal Revenue Service is responsible for issuing accounting standards for state and local governments.

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Definitions:

Authorized Shares

The highest quantity of shares that a company is authorized to issue according to its articles of incorporation.

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock and often pays dividends at a fixed rate.

Dividends

Payments made by a corporation to its shareholder members, distributing a portion of the company's earnings.

Owners

Individuals or entities that possess legal rights and control over a business or asset.