The Doctrine of Respondeat Superior Is Most Often Applied in Situations

question 64

Multiple Choice

The doctrine of respondeat superior is most often applied in situations involving:

• A) torts of the agent.
• B) negligence of the principal.
• C) contracts negotiated by the agent.
• D) crimes committed by the agent.

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Definitions:

Periodic Inventory Systems

Periodic Inventory Systems are accounting methods that calculate the inventory at the end of an accounting period to determine cost of goods sold and ending inventory.

Perpetual Inventory Systems

Inventory accounting method that continuously tracks inventory levels and updates accounting records for each purchase and sale.

Inventory Records

Inventory records are detailed lists or databases that track the quantities, locations, and statuses of products or materials that a company holds in stock.

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including the cost of the materials and labor directly used to create the product.