With Regard to an Implied Agency,implied Authority Can Be Conferred

question 114

True/False

With regard to an implied agency,implied authority can be conferred by either industry custom,prior dealing between the parties,the agent's position and acts deemed necessary to carry out the agent's duties,or other factors a court deems relevant.

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Definitions:

Permanent Accounts

Permanent Accounts are balance sheet accounts whose balances are carried forward from one accounting period to the next, including assets, liabilities, and equity accounts.

Owner's Capital Account

An equity account on the balance sheet representing the owner's total investment in the business minus any withdrawals.

Temporary Accounts

Accounts that are closed at the end of each accounting period; examples include revenue, expense, and dividend accounts.

Owner's Capital Account

An account that represents the total equity or ownership interest of the owner(s) in a business, reflecting contributions and withdrawals.