Which of the following is a condition for an agency by ratification to be effective?
A) A principal must give prior authorization to an agent.
B) A principal should lead a third party to believe that an individual is his or her agent.
C) The existence of a principal must be clear to a third party at the time of an agent's unauthorized act.
D) An agent must carry an authorization letter that establishes that he or she is the principal's agent.
C
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______ are a written set of guidelines that define acceptable and unacceptable behavior.
A. Mission statements B. Core values C. Codes of ethics D. Reporting and communications systems
The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB's conceptual framework sets forth the qualitative characteristic of _____ envisions that the nature of the information is relevant and that its effect is large enough to influence a decision. As standard setters make decisions about financial reporting standards, they
consider the costs and benefits of those standards. They assess whether the benefits to users of financial reports from a particular financial reporting requirement exceed the costs of providing the information. a. relevance b. reliability c. comparability d. materiality e. understandability
Virginia and Dan each own investment realty that they would like to trade. Virginia's property is subject to mortgage debt of $2,000 and has a net of mortgage value of $6,000. Dan's property is subject to mortgage debt of $30,000 and has a net of mortgage value of $5,000. Virginia and Dan agree to exchange properties and assume each other's debt. Dan pays Virginia $1,000 cash, and the exchange is completed. What is the gross selling price of Virginia's property?
A. $2,000 B. $6,000 C. $8,000 D. $5,000 E. $35,000
Explain the use of differentiating functionality as an approach to finding new market opportunities
What will be an ideal response?