Because the Authority Given to an Agent by a Principal

question 62

True/False

Because the authority given to an agent by a principal is strictly personal,the agent's death terminates the agency.

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Definitions:

Operating Expense

Expenses incurred through normal business operations, such as rent, utilities, and payroll, exclusive of cost of goods sold.

Refund Liability

An obligation recorded by a business to return funds to a customer for returned or unsatisfactory goods or services.

Deferred Revenue

Income received in advance for products or services which is recorded as a liability until it is earned.

Sales Returns

Transactions where customers return previously purchased merchandise, leading to a reversal of revenue previously recognized.