Which of the Following Is True Regarding the Form of Authority

question 38

Multiple Choice

Which of the following is true regarding the form of authority upon which an agency relationship may be created?

• A) Agency relationships can be created through expressed agency, but not through implied authority, apparent agency, or through ratification.
• B) Agency relationships can be created through expressed agency or through implied authority, but not through apparent agency or through ratification.
• C) Agency relationships can be created through ratification, but not through implied authority, apparent agency, or expressed authority.
• D) Agency relationships can be created through ratification or expressed agency, but not through implied authority or apparent agency.
• E) Agency relationships can be created through expressed agency, implied authority, apparent agency, and ratification.

Classify costs as either fixed, variable, or mixed based on their behavior in relation to production volume.

Comprehend the concept of prime cost and how it relates to direct materials and direct labor.

Understand the role of depreciation as either a product or period cost depending on its association with production or administrative functions.

Identify and classify different types of costs in a business environment, including fixed, variable, and mixed costs.

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