Authority by Ratification Exists If the Principal

question 16

Multiple Choice

Authority by ratification exists if the principal:

• A)authorises the agent's act retrospectively.
• B)denounces the agent's act.
• C)authorises the agent's act in advance.
• D)authorises the agent's act in writing.

---

Definitions:

Period Costs

Expenses that are incurred on a regular basis and are not directly tied to the production process, such as selling, general, and administrative expenses.

Financial Reporting

The process of disclosing financial information and statements to management, investors, and regulators to reflect a company's financial performance and position.

Units Sold

The total number of product units that have been sold during a specific time period.

Cost Formula

A method or equation used to calculate the total cost of production, including fixed and variable expenses.