An Agency Can Make Rules That Are as Legally Binding

question 12

True/False

An agency can make rules that are as legally binding as laws passed by Congress.​

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Definitions:

Ownership Perspective

An approach or mindset focusing on the long-term benefits and responsibilities of owning an asset or investment.

GAAP

Generally Accepted Accounting Principles, a framework of accounting standards, principles, and procedures from which financial statements are prepared in the United States.

Cumulative

Pertaining to an aggregate or total amount added up over time, often used in context with dividends that are accumulated if not paid out.

Noncumulative

A term often used in dividends policy, indicating that if a dividend is not paid out, it doesn't accumulate for future payment.