Discuss the various ways an agency could be created
What will be an ideal response?
An agency can only be created for a lawful purpose. The three employment relationships where there is an agency are employer/employee, principal/agent, and principal/independent contractor. Agencies can be formed through an express agency, implied agency, apparent agency, and agency by ratification.
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Tests designed to detect credit sales made after the end of the year that have been recorded in the current year provide assurance about management's assertion of:
A. cutoff. B. occurrence. C. authorization and accuracy. D. classification.
During May, Phone Mart sold 150 iPhones for $200 each. Each iPhone had cost Phone Mart $108 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over the warranty period and two actually are replaced during May, the entry to record the Product Warranty Expense is
A) Product Warranty Expense 216 Estimated Product Warranty Liability 216 B) Product Warranty Expense 3,000 Cash 3,000 C) Product Warranty Expense 648 Cash 648 D) Product Warranty Expense 648 Estimated Product Warranty Liability 648
Which of the following is not true about women in today’s workplace?
a. Women make up 37% of the workforce. b. Women hold 10% of the leadership positions. c. Women hold 15.2% of corporate officer positions. d. 3% of the Fortune 500 companies are headed by women.
?The maturity of commercial paper varies from:
A. ?six to twelve months. B. ?one to five months. C. one to nine months.? D. five to ten months.? E. ?four to eight months.