The Internal Revenue Service is an agency of the federal government that has the legal power to set and enforce accounting practices for companies.

Question

Quizplus · Accepted Answer

The Internal Revenue Service (IRS) is an agency of the federal government that is responsible for collecting taxes and enforcing tax laws, but it does not have the legal power to set and enforce accounting practices for companies. Accounting standards and practices are typically established by professional organizations such as the Financial Accounting Standards Board (FASB) and enforced by regulatory bodies such as the Securities and Exchange Commission (SEC).

The Internal Revenue Service Is an Agency of the Federal