Examlex
If a trial balance is in balance, the accountant is assured that no mistakes were made either in recording or posting.
Implied Authority
When the authority of the agent is implied from surrounding circumstances, such as the position or title given (by the principal) to the agent.
Ratify
To officially approve or confirm actions, agreements, or treaties through a formal consent, typically by voting or signing.
Warranty
A guarantee provided by a seller regarding the condition of a product and the promise of repair or replacement if necessary.
Contract
A legally enforceable agreement between two or more parties with clear terms and conditions.
Q1: With an investment in a subsidiary the
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Q31: The largest expense category on the income
Q33: Under the allowance method, if bad debt
Q35: A low debt ratio is preferable to
Q49: You are asked to fill out a
Q61: Using a perpetual inventory system, which of
Q71: The income statement presents a summary of
Q99: The disposition of a plant asset is
Q109: The asset requiring the highest level of