Which of the Following Is True About a Special Power

question 89

Multiple Choice

Which of the following is true about a special power of attorney?

• A)It is an implied form of power of attorney.
• B)It limits the agent's powers to those enumerated in the agreement.
• C)It allows the agent to act in any matters on the principal's behalf.
• D)It only allows a licensed attorney to act as the attorney-in-fact.

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Definitions:

Accrued Expense

Expenses that have been incurred but not yet paid or recorded in the financial statements, reflecting obligations that a business has taken on.

Net Income

The total revenue of a company minus all expenses and taxes; a measure of the company's profitability over a specific time period.

Liabilities

Financial obligations or debts that a company owes to others, reflected on the balance sheet.