If an Agent Becomes Insane, It Automatically Terminates the Authority

question 11

True/False

If an agent becomes insane, it automatically terminates the authority of the agent.

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Definitions:

Check Stub

A portion of a check that is retained as a record, detailing the amount, date, and other relevant information about the transaction.

Balance Brought Forward

The opening balance of an account that is carried over from the end of a previous period.

Check Amount

Check Amount refers to the specific monetary value written and payable on a check, representing the total to be transferred from the account of the drawer to the payee.

Balance Carried Forward

The amount of money carried from one period to the next in a financial statement or accounting ledger.