When the Parties Terminate an Agency,it Is the Principal's Duty

question 17

True/False

When the parties terminate an agency,it is the principal's duty to notify any third parties who know of the existence of the agency that it has been terminated.

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Definitions:

Ending Supplies

The value of supplies on hand at the end of an accounting period, prior to restocking or inventory adjustments.

Net Loss

The amount by which total expenses exceed total revenues for a business over a specific period, indicating a financial loss.

Unadjusted Trial Balance

A list of all accounts and their balances at a particular date before any adjusting entries are made, used to check the accuracy of debits and credits.