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:

Economic Activity

Actions that involve the production, distribution, and consumption of goods and services within an economy.

Group Structure

The organization of a set of entities under common ownership or control, typically presented through a hierarchy that outlines the relationship between parent companies and subsidiaries.

Separate Financial Statements

Financial statements prepared for an individual company, as opposed to consolidated financial statements which combine the financials of the parent company and its subsidiaries.

AASB 139 Financial Instruments

A standard specifying the recognition and measurement of financial assets and financial liabilities.