Interpretive Rules May Not Be Used to Fill in the Gaps

question 50

True/False

Interpretive rules may not be used to fill in the gaps of legislation.

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Definitions:

Accrued Revenues

Revenues earned during a specific accounting period but not yet received in cash or recorded in the books.

Adjusting Entries

Journal entries made in an accounting period to allocate revenues and expenses to the periods in which they actually occurred.

Accounting Adjustments

Entries made in the accounts to correct transactions, record unrecorded items, or bring accounts up to date at period end.

Financial Statements

Materials outlining a firm's financial health, incorporating its balance sheet, income statement, and cash flow statement.