Question

differentiate between policies and rules ? 3 marks

Answer 1

Entities design their policies on the basis of rules applied by regulatory authorities AND their business objectives. Policies basically give a direction to the entity that is in line with both applicable laws and aims that business wants to achieve.
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Answer 2

policies are the different types of schemes that a particular field holds. e.g. life insurance policy etc..
rules are things which must be strictly followed by all individuals In the field. e.g.: govt gives certain rules with we all should follow


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