Ratification Occurs When a Principal Accepts Responsibility for an Agent's

question 42

True/False

Ratification occurs when a principal accepts responsibility for an agent's unauthorized act.

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Definitions:

Breakeven Diagram

A graphical representation that shows the point at which total cost and total revenue are equal, with no net loss or gain.

Total Cost

The complete cost of production that includes both fixed and variable costs.

Breakeven

The point at which total costs and total revenues are equal, resulting in no net loss or gain.

Revenue

Income that a company receives from its normal business activities, usually from the sale of goods and services to customers.