A limited power of attorney fiduciary duty required of an agent Disclosure Care Confidentiality Accounting Obedience Contrition Loyalty.
A fiduciary relationship is a role of belief, and the agent owes the principal the obligation of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (old automobile).
Fiduciary duty is defined by means of Black's regulation Dictionary as “an obligation of extreme precise religion, belief, confidence, and candor owed by using a fiduciary (which includes an attorney or corporate officer) to the beneficiary (which includes a lawyer's purchaser or a shareholder); a responsibility to act with the highest degree of honesty and loyalty towards any other .
fiduciary obligation to someone else, the person with the duty must act in a way in order to gain someone else, usually financially. the individual that has a fiduciary duty is known as the fiduciary, and the individual to whom the responsibility is owed is referred to as the predominant or the beneficiary.
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Answer:
B) False
Explanation:
The storming stage is the second stage of team development. At this stage, the group members should start gaining each other's trust. They are generally more willing to open up and express their views and opinions. Sometimes conflicts can result from different members' opinions, and power struggle occur within the team.
Answer: It might be stolen or in conflict.
Answer:
The adjusting entry that should be made by the company on June 30 is
Inventories $ 6,500 (debit)
PPE Asset $ 6,500 (credit)
Explanation:
Error Made on June 30 was as follows : Village Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset.
PPE Asset $6,500 (debit)
Cash $6,500 (credit)
On 30 June the amount of inventory reported is understated by $6500.While the amount of Assets recorded is overstated by $6500
Therefore the adjasting entry for this situation is as follows
Inventories $ 6,500 (debit)
PPE Asset $ 6,500 (credit)
Thus increasing the Inventory balance and decreasing the PPE Asset Balance.
Answer:
- $300
- $100
- $300
Explanation:
1. AuctionCo takes control of this used bicycle before the sale and pays $200 to the supplier.
Revenue will be the $300 that the bicycle was sold for because they took control.
2. AuctionCo never took control.
Revenue will be the amount they earned for being agents;
= Sales price - Cash to supplier
= 300 - 200
= $100
3. Assume AuctionCo promises to pay $200 to the supplier regardless of whether the bicycle is sold...
= $300
Revenue is $300 because Auction assumes control when they promise to pay $200 regardless.
