Whereas a Sales Representative Can Bind Its Principal to a Contract

question 50

True/False

Whereas a sales representative can bind its principal to a contract with third persons, a commercial agent may only solicit business.

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Definitions:

Summary of Significant Accounting Policies

A section in an entity's financial statements that describes the significant accounting policies used in the preparation of those statements.

Revenue Recognition Policies

Guidelines that determine the specific conditions under which revenue is recognized as earned and can be reported in financial statements.

Accounting Choices

Decisions made by management regarding the methods, practices, and principles followed in financial reporting and accounting.

Summary of Significant Accounting Policies

A section in financial statements that describes the key accounting policies and estimations used in preparing the financial statements.