The authority given by the principal to an agent, conferring on the agent the power and right to change the principal's legal status is referred to as:
a. actual authority b. authority in rem c. authority at law d. general authority e. special authority
a
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Indicate whether the statement is true or false
The authoritative body currently responsible for establishing accounting practice is the
a. Internal Revenue Service. b. Financial Accounting Standards Board. c. American Institute of Certified Public Accountants. d. Federal Reserve Board.
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When a principal is partially disclosed:
a. the agent and principal will be jointly and severally liable on the contract. b. the agent and principal will be only jointly liable on the contract. c. only the principal can be liable. d. only the agent is liable.