The Schedule of Accounts Receivable Shows

question 54

Multiple Choice

The schedule of accounts receivable shows

• A) a list of sales returns for the month.
• B) total sales for the month.
• C) a list of individual creditors.
• D) a list of individual sales.
• E) a list of the balances of credit customer accounts.

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Definitions:

Contract

A legally binding agreement between two or more parties that creates mutual obligations enforceable by law.

Implied Authority

The power of an agent to act on behalf of a principal, derived from the actions, words, or conduct of the principal rather than from an explicit written or spoken agreement.

Express Authority

Authority explicitly granted by a principal to an agent to perform specific acts or functions on the principal's behalf.

Apparent Authority

Apparent authority refers to a situation where a person appears to have the agent's authority to act on behalf of another (the principal) due to the principal's actions, leading third parties to believe in the existence of such authority.