The Account "Cash" Began with a Zero Balance and Then

question 83

Multiple Choice

The account "Cash" began with a zero balance and then had the following changes: increase of $280, decrease of $90, increase of $125 and a decrease of $40. The final balance is a:

• A)debit balance of $275.
• B)credit balance of $275.
• C)debit balance of $405.
• D)credit balance of $130.

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Definitions:

Expressed Agency

A legal relationship where an agent has the explicit authorization by the principal to act on their behalf.

Agency by Ratification

The process where a principal approves and legitimizes the unauthorized acts done by an agent on their behalf, thereby giving these actions full legal effect.

Liability

Legal responsibility for one's actions or omissions, which may result in the obligation to pay damages or perform specific actions.

Instructions

Directions or orders given by one party to another, especially in the context of executing a task or procedure.