A Principal's Ratification of an Agent's Unauthorized Act Must Be

question 36

True/False

A principal's ratification of an agent's unauthorized act must be express.

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Definitions:

Standard Costs

Predetermined costs calculated for direct materials, labor, and overhead, used as a benchmark to measure performance.

Actual Costs

The real expenses incurred in the production of goods or services, as opposed to estimated or budgeted costs.

Fixed Factory Overhead Volume Variance

The difference between the budgeted and actual fixed overhead costs, attributable to changes in production volume.

Standard Factory Overhead Rate

A predetermined rate used to assign manufacturing overhead costs to individual units of output on a consistent basis.