All of the Following Except Which One Is a Duty

question 24

Multiple Choice

All of the following except which one is a duty of an agent?

• A) Account for money received on behalf of his principal.
• B) Inform his principal of any information relevant to his agency.
• C) Refrain from competing with his principal.
• D) After the agency is terminated, refrain from using any information gained while an agent.

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Definitions:

Standard Cost System

A cost accounting system that assigns expected costs to each product or service, facilitating comparison with actual costs to assess performance.

Normal Cost System

An accounting system that applies indirect costs to products based on a standard cost rather than actual cost measures.

Cost Flow

The movement and allocation of costs through various stages of production or services, tracking how costs are assigned to products or services.

Standard Costs

Predetermined costs for materials, labor, and overhead that are used as benchmarks for measuring performance.