Bob enlists the help of his son to buy a new car. On the way to test-drive several models, Bob
tells his son, "I'm leaving this entire decision up to you except that you are not to spend over
$20,000 on whatever car you decide on".
At the Toyota dealer, Bob tells the salesperson, "I'm
turning this whole decision over to my son, so deal with him even though it will be my car."
Later, the son returns to the dealership and negotiates the purchase of a Toyota Camry for
$21,500. What type of authority, if any, existed for the son to purchase this car?
A) Apparent
B) Dependent
C) Implied
D) No authority existed here
E) Actual
A
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What will be an ideal response?
Nonrecurring items such as extraordinary income and disposal of a segment require separate earnings per share disclosure
Indicate whether the statement is true or false
In an inflationary environment, which inventory cost flow method, FIFO or LIFO, reports the lowest amount of net income?
What will be an ideal response?
The best-known form of risk transfer is insurance.
Answer the following statement true (T) or false (F)