List and Define the Two Basic Types of Power of Attorney

question 44

Essay

List and define the two basic types of power of attorney. Also discuss in what way a durable power of attorney is different from a power of attorney not so designated.

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Definitions:

Journal Entry

A record in the accounting ledger that represents a single transaction and its effect on accounts.

Process Costing System

An accounting method used for homogenous products, allocating production costs based on the processes or departments through which the products pass.

Work in Process Inventory

Items that are in the process of being produced but are not yet complete.

Raw Materials Inventory

The total cost of all the materials that are held by an organization and that will be used in production to create goods.