If an Agent Receives a Gift from a Third Person

question 14

True/False

If an agent receives a gift from a third person with whom he is dealing on behalf of the principal,he can keep it without notifying the principal.

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Definitions:

Amortization

The gradual reduction of a debt or the spreading out of capital expenses for intangible assets over a specific period of time.

Accounting Period

The time frame in which financial transactions are recorded and reported, typically a fiscal year or quarter.

Maturity Value

The total amount that will be paid to an investor at the end of a debt instrument's term, including the principal and any accrued interest.

Income Statement

A financial report that shows a company's financial performance over a specific period, detailing revenues, expenses, and net income.