Formal Rulemaking Differs from Informal Rulemaking in That with Formal

question 9

Multiple Choice

Formal rulemaking differs from informal rulemaking in that with formal rulemaking:

• A) the procedures are governed by the same APA provisions that govern an adjudication.
• B) an agency must give prior notice of a proposed rule, usually by publication in the Federal Register.
• C) an opportunity must be given for interested parties to participate in the rulemaking.
• D) publication of a final draft of the rule, along with a statement of the rule's purpose, must be given at least fourteen days before its effective date.

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Definitions:

Purchases

The acquisition of goods or services by a company for use in its operations or for resale.

Income Summary Account

The income summary account is used during the closing process to compile all income and expense transactions, facilitating the determination of a business's net income.

Capital Account

An account on the balance sheet that reflects the net worth and equity of an individual or business.

Withdrawals

Amounts taken out from a business by its owners for personal use, often affecting the owner's capital account.