Which of the Following Is NOT a Correct Statement About

question 21

Multiple Choice

Which of the following is NOT a correct statement about an auctioneer?

• A)An auctioneer is an agent of the vendor but after the fall of the hammer becomes an agent of the purchaser.
• B)An auctioneer owes a duty to the vendor to accept the highest bid.
• C)An auctioneer is accountable to the vendor for the collection of the purchase price.
• D)An auctioneer can sue for the purchase price in their own name.

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Definitions:

Provincial Income Tax

The tax levied by a provincial government on the income of individuals and organizations within its jurisdiction, varying from province to province.

Federal Income Tax Payable

Liabilities owed to the federal government for income taxes that have been incurred but not yet paid.

Direct Method

An accounting approach for the cash flow statement that lists major classes of gross cash receipts and payments.

Deferred Revenue

Deferred revenue is income a company has received for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet until the obligation is fulfilled.