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Under the rule of the Third Restatement, if a principal becomes incapacitated, the agency relationship terminates and all authority ceases.
Operating Expenses
Expenditures that a business incurs through its normal business operations, such as rent, utilities, and salaries, excluding production costs.
Accounts Receivable
Receivables from clients for services or goods delivered by a company but not yet compensated.
Accounts Payable
Money owed by a business to its suppliers shown as a liability on the company's balance sheet.
Cash Receipts
The collection of money, including currency, checks, electronic transfers, and other forms of payment, for goods or services rendered.
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