An Agent Is Under a Duty to Obey: ______

question 25

Multiple Choice

An agent is under a duty to obey: ______.

• A) all instruction given by the third party.
• B) all lawful instructions given by the principal.
• C) all instructions given by the principal.
• D) none of these, since "obedience" is not an obligation of the agent.

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Definitions:

Bonds

Debt instruments signifying an investment made by an investor in the form of a loan to either a corporation or a government entity.

Journal Entries

Records of financial transactions in the books of accounts, acting as the primary source for all accounting processes.

Available-for-Sale Securities

Financial assets that are not classified as held-to-maturity or trading securities, and can be sold in the short-term.

Market Adjustment

Market adjustment is the process of modifying the value of an asset or inventory to reflect its current market value rather than its book value, often due to changes in demand, supply, or economic conditions.