The Person Authorized to Act as the Agent When Executing

question 28

Multiple Choice

The person authorized to act as the agent when executing a power of attorney is called an attorney:

• A)at law
• B)of power
• C)ad litem
• D)in fact

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Definitions:

Residual Value

The estimated salvage value of an asset at the end of its useful life, used in calculating depreciation.

Depreciation

The process of allocating the cost of tangible assets over their useful lives, reflecting the decrease in their value over time.

Intangible Asset

An asset that lacks physical substance but is identifiable and provides economic benefits to the entity, such as patents, trademarks, and copyrights.

Fixed Asset

Long-term tangible property used in the operation of a business and not expected to be consumed or converted into cash in the near term.