Procedures are the actions for carrying out policies, so all of the guidelines for policies are applicable to procedures. A) TRUE B) FALSE

True 

It is all related 

True

Thank you for your invitation, sir.

Policies are the rules, norms or guidelines prescribed by an organization to drive or execute its strategy. Procedures are the instructions to carry out the activities within the given norms/rules or policies. Let me illustrate it thus. "The credit period allowed to the customers should not exceed60 days." This is a policy to be observed by the credit department and the sales department. Now when we actually receive credit applications for review we process these credit requests per given instructions and approve these within the credit policy.

The process of devising the credit application form and updating the same from time to time, sending out the same to the customers, collecting the same and verifying these applications for approval is what is enshrined as a procedure. The policies aid in deciding whether an application can be accepted and approved or not. Traveling from A to B is a goal , prescribing a speed limit of60 miles per hour is a rule, driving the car actually is a procedure. 

A policy is a guideline or a norm to carry out a procedure.  

It's quite true for me

Yes, True

True,procedures refers to steps and guidelines refer to rules so it is important to know rules of policies

It is true

A) TRUE

Fals, not always the procedures are actions carrying out policies because prcedures are being made to reflect the best way to execute organization activities at each department, this may identfy procedures are consolidated written documents which describe the best way to finalize different activities .. and sometime used to execute the company policy

Yes guidelines are norms for designing policy and they effect procedures, because a procedure is the way of carrying out that policy.

For example I.A.S16 is a guideline to capitalise property plant and equipment. That is to say it has not specified a monetary limit, but rather jotted recognition criteria for the assets.

Company may develop it's asset recognition policy as per I.A.S16 guidelines.