One Purpose of the Administrative Procedure Act Is to __________

question 78

Multiple Choice

One purpose of the Administrative Procedure Act is to __________.

• A) ensure opportunities for public participation in the rule-making process
• B) give federal agencies greater discretion in the rule-making process
• C) streamline bureaucratic activities in the rule-making process
• D) give the president greater control over the rule-making process
• E) discourage agencies from drafting new regulations

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Definitions:

Income Tax Payable

The amount of income tax that a company or individual owes to the government, but has not yet paid.

Business Operations

Encompasses the day-to-day activities that a business engages in to run smoothly and efficiently, aiming at generating revenue.

Deductible Temporary Difference

Differences between the carrying amount of an asset or liability in the balance sheet and its tax base that will result in amounts deductible in future periods when recovering the carrying amount.

Deferred Tax Asset

An asset on the balance sheet that may be used to reduce future tax liability generated due to timing or temporary differences between accounting income and taxable income.