Legislative Rules May, in Certain Circumstances, Exceed the Authority Granted

question 11

True/False

Legislative rules may, in certain circumstances, exceed the authority granted to an agency by the enabling statute.

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Definitions:

Accrued Liability

Expenses that have been incurred but not yet paid for, recognized in the financial statements under the accrual basis of accounting.

Contingent Liability

A potential obligation that may arise from a past event, the outcome of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events.

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.