A principal is bound by contracts that an agent enters into with authority. Discuss the various types of contractual authority an agent may have
Authority is the legal ability of an agent to bind a principal. The types of authority include: express, implied, and apparent authority. Express Authority is when the principal, by words or conduct reasonably interpreted, actually gives the agent the authority. Implied Authority is the authority to do the things reasonably necessary to carry out the expressly authorized tasks. Apparent Authority arises when the principal does something to make a third party believe that a person has authority to act. Express and implied authority are categories of actual authority. In apparent authority, the principal is liable for the agent's actions even though the agent was not authorized.
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There are two overall approaches to maintaining data: the traditional file approach-which has no mechanism for tagging, retrieving, and manipulating data-and the _____, which does have this mechanism.
A. database approach B. object-oriented approach C. asymmetric approach D. indexed file approach
When net income is high relative to operating cash flows, we describe the firm as having recorded
a. income-decreasing accruals. b. income-increasing accruals. c. income-neutral accruals. d. abnormal accruals.
A bond that does not require a periodic cash payment, but instead promises a single payment at maturity, is called a _____ bond
a. sinking fund b. zero coupon c. debenture d. perpetual e. convertible
When a shipment is received from suppliers and samples are taken and compared to a quality acceptance standard, this is referred to as?
a. Statistical quality control b. Acceptance sampling c. Process capability d. Project management