Which of the Following Is a Party Who Has Authority

question 40

Multiple Choice

Which of the following is a party who has authority to act on behalf of and bind another party?

• A)A principal
• B)A real endorser
• C)An agent
• D)A transferor
• E)A warrantor

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Definitions:

Owner's Drawings Account

A specific account used to track the withdrawals made by the owner from the business for personal use, rephrased from

Owner's Equity

The remaining value of an entity's assets after all debts have been subtracted, indicating the stake of shareholders or owners in the company.

Net Income

The net income of a business once all costs, such as operational expenditures and taxes, have been deducted.

Revenue

The total amount of money received by a company for goods sold or services provided during a specific period.