In a Partially Disclosed Agency, the Contracting Third Party Transacts

question 29

True/False

In a partially disclosed agency, the contracting third party transacts directly with the principal and does not know the identity of the agent.

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Definitions:

Tickler File

An organizational system used to remind a person of tasks that need to be done at specific future dates.

Unpaid Vouchers

Refers to vouchers, which represent obligations or promises to pay, that have not yet been settled or paid.

Gross Method

An accounting method for recording purchases of inventory at their full invoice prices without deducting any cash discounts offered.

Periodic Inventory Method

A system of inventory management and cost determination that updates the ending inventory balance and the cost of goods sold only at the end of an accounting period.