Section 553 of the Administrative Procedure Act (APA) allows administrative agencies to decide whether there will be public participation in rulemaking proceedings relating to "military or foreign affairs" and "agency management or personne
well as in proceedings relating to "public property, loans, grants, benefits, or contracts" of an agency. This is known as ________ rulemaking.
A) informal
B) exempted
C) formal
D) hybrid
B
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In the closing process for corporations, net income is closed to the capital account
Indicate whether the statement is true or false.
Which of the following is not true regarding the fair value option for marketable securities and derivatives?
a. Subsequent to the acquisition of a derivative, the firm may report changes in fair value of derivatives in Other Comprehensive Income. b. Subsequent to the acquisition of a derivative, the firm may report changes in fair value of derivatives, but they have no effect on any lines of the statement of cash flows. c. Firms using the fair value option mark the carrying value of the asset to fair value each period. d. If the change in fair value of the derivative decreases carrying value, then the firm reports the amount of that decrease as a loss during the current period. e. If the change in fair value of the derivative decreases carrying value, then the cash flow from operations sections shows a subtraction for the loss.