Which of the Following Is Not a Way an Agency

question 74

Multiple Choice

Which of the following is not a way an agency relationship will terminate by operation of law?

• A) Death
• B) Bankruptcy
• C) Impossibility
• D) Lapse of time
• E) War

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Definitions:

Business Entity Concept

The accounting principle that separates the transactions of a business from those of its owners or other businesses.

Financial Statement

A financial statement is a formal record of the financial activities and position of a business, person, or other entity, presenting the results of operations and financial status over a period.

Investing

The act of allocating resources, usually money, with the expectation of generating an income or profit.

Operating

Refers to the day-to-day activities and core functions directly related to a company's primary business operations, such as sales and service delivery.