Which of the Following Statements Is True About Termination by Agreement

question 20

Multiple Choice

Which of the following statements is true about termination by agreement?

• A) A principal should give constructive notice to all third parties who dealt with an agent.
• B) When an agency relationship is terminated by an agent, the agent must give actual notice to all third parties who dealt with the agent.
• C) When an agency relationship is terminated by a lapse of time, there is no requirement to give notification to third parties.
• D) Constructive notice may be given to others through advertisement in newspapers published in areas where an agent operated on behalf of a principal.

Identify the criteria and examples of current liabilities.

Understand the correct order of liquidity for listing current assets.

Acknowledge the need for correct account usage and the impact of incorrect entries.

Learn about the preparation, purpose, and importance of adjusting and closing entries in the accounting cycle.

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Definitions:

Behaviour

The actions or reactions of an individual or group in response to external or internal stimuli, observable through various modes including physical, social, and psychological.

Credential Recognition

The process of verifying that the skills, knowledge, and qualifications obtained by an individual in one country are equivalent to the standards established in another country.

Internationally Trained Immigrants

Immigrants who have obtained professional training, degrees, or qualifications in their country of origin and are integrating into a new country's workforce.

Settlement Issue

Problems or disputes arising in the process of resolving a claim or negotiating a contract, often related to legal, financial, or property matters.