Which of the following statements is true of agency by estoppel?
A) It determines an agent's authority based on customs, circumstances, and the facts of a situation.
B) If a third person is led by a principal to believe that a certain individual is the principal's agent, it grants an agent the authority to act.
C) It is formed when a third party is unaware of the existence of a principal.
D) It occurs when an unauthorized agent commits a principal to an agreement and the principal accepts the unauthorized agreement.
B
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A promissory note is executed in June. When the note is paid the following January, the payee's entry includes (assuming a calendar-year accounting period and no reversing entries) a
a. debit to Interest Income. b. credit to Cash. c. credit to Interest Receivable. d. debit to Notes Receivable.
The basic difference between consignment and memorandum purchases is based on the size of the order
Indicate whether the statement is true or false
According to the information provided in Table 12-2, which presents a queuing problem solution, there are two servers in this system. Counting each person being served and the people in line, on average, how many people would be in this system?
A) 5.455 B) 3.788 C) 9.243 D) 10.900 E) None of the above
A lien release can be used by the property owner to defeat a statutory lienholder's attempt to obtain payment.
Answer the following statement true (T) or false (F)