An Agent Has the Implied Authority to Do What Is

question 60

True/False

An agent has the implied authority to do what is reasonably necessary to carry out express authority.

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Definitions:

Outside Purchase

Acquisition of goods or services from external suppliers due to inability or inefficiency in producing internally.

Total Cost Concept

A principle in accounting and economics that considers all costs related to the production of a good or service, both fixed and variable.

Manufacturing Costs

Expenses directly related to the production of goods, including direct labor, direct materials, and manufacturing overhead.

Selling and Administrative Expenses

Costs related to the selling of products and the general administration of a business.