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If an agent exceeds the scope of his or her authority,the principal is not liable on the contract unless the principal ratifies it.
Accounts Payable
Accounts payable are liabilities of a business that represent its obligations to pay off a short-term debt to its creditors or suppliers.
Operating Cash Flow
The money produced through the regular operational functions of a company during a particular timeframe.
Net Income
The total profit of a company after all expenses, including taxes and operating costs, have been deducted from total revenues.
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