To Be Constitutionally Permissible, an Enabling Statute Must Establish Reasonable

question 77

True/False

To be constitutionally permissible, an enabling statute must establish reasonable standards to guide an agency in implementing the statute. Using a broad phrase such as "fair and equitable" in an enabling statute meets this requirement.

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Definitions:

Ordinary Annuity

An Ordinary Annuity is a series of equal payments made at the end of consecutive periods over a fixed length of time.

Accounting Principle

Fundamental concepts or guidelines that govern the field of accounting and instruct how financial transactions should be recorded and reported.

Accounting Estimate

An approximation of a financial amount in the absence of precise data or measurements.

Reporting Entity

A business or organization that is required to prepare financial statements.