The Knowledge That Objects Have an Existence in Time and Space

question 31

Multiple Choice

The knowledge that objects have an existence in time and space independent of one's own perception or action on those objects is called

• A)object constancy.
• B)object cohesion and continuity.
• C)object distinction.
• D)object permanence.

Grasp the concept of agency coupled with interest and its implications on agency termination.

Understand the duties of a principal towards the agent, including reimbursement.

Analyze the impact of external factors (e.g., bankruptcy, war, incapacitation) on the termination of agency relationships.

Understand the concept of apparent authority and its termination.

---

Definitions:

Post-closing Trial Balance

A list of all company accounts that remain after adjusting and closing entries are made, used to ensure debits equal credits.

Trial Balance

A summary listing of the titles and balances of accounts in the ledger.

Drawing Account

An account used to record amounts withdrawn by the owner of a business for personal use.

Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones, preparing for the next period.