The Accounting Standard Dealing with Inventories Is AASB 102

question 19

True/False

The accounting standard dealing with inventories is AASB 102.

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Definitions:

Apparent Agency

An agency relationship created by operation of law when one party, by her actions, causes a third party to believe someone is her agent even though that person actually has no authority to act as her agent. Also called agency by estoppel.

Ratification Agency

The process by which a principal approves and accepts the acts of their agent that were done without proper authority or beyond the scope of their authority.

Implied Authority

Power not explicitly granted to an agent but necessary to carry out the agent's duties effectively.

Expressed Agency

A legal relationship where an agent is explicitly granted the authority by the principal to act on their behalf.