Public Welfare

Police Power
Police power refers to the inherent power of governments to impose restrictions on private rights that are reasonably related to the promotion and maintenance of the health, safety, morals, and general welfare of the public.
Statute
A statute is a written law created by a legislature under constitutional authority that governs conduct within its scope. Statutes prescribe conduct, define crimes, create subordinate government bodies, appropriate public monies, and promote the public welfare.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.