An Agent's Duty of Loyalty Requires the Agent to

question 99

Multiple Choice

An agent's duty of loyalty requires the agent to .

• A) use reasonable care and skill in performing work
• B) live up to the standards of performance expected of an independent contractor
• C) follow all reasonable and lawful instructions of a principal
• D) avoid conflicts of interest while acting on behalf of a principal

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Definitions:

Customer Satisfaction Surveys

Tools or questionnaires used by businesses to evaluate the level of satisfaction of their customers with the company's products or services.

Internal Accounting System

The accounting system that collects, aggregates, and generates and distributes budgeted and actual financial and cost information within the firm for use by executives and managers for both decision making and control.

Management Accounting

The accounting system used within the organization to help the organization achieve its goals.

Financial Accounting

Accounting for the revenues, expenses, assets, liabilities, and equities of an organization, concentrating on external users (shareholders, lenders, and government). Constrained by FASB rulings and other generally accepted accounting principles.