The authority that Jerry has which allows him to complete inspections and settle claims is called an Express authority.
<h3>What is express authority?</h3>
This is a kind of authority that an agent has that is clearly spelled out in writing or given orally.
Jerry has a contract with ABC Insurance that writes what he is allowed to so which means that his powers are expressly given.
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Answer:
foreign direct investment
Explanation:
Foreign direct investment (FDI) refers to a company from country A investing in another country B, either by setting up their own business operations or acquiring a domestic firm. FDI requires that the new company in country B is controlled and managed by the investor form country A.
Answer:
B) $7
Explanation:
The computation of the consumer surplus is shown below:
Consumer surplus = Willing to pay - Market price
For Austin, The consumer surplus = $10 - $6 = $4
For Erin, The consumer surplus = $9 - $6 = $3
So, the total consumer surplus = $4 + $3 = $7
Simply we deduct the market price from the willing to pay so that the consumer surplus can be computed
Answer:
Decrease in inventory and increases in accrued liabilities are added.
Explanation:
Answer:
3 years after the right of return has expired
Explanation:
Generally accepted accounting principles (GAAPs) specify the scenario wherein revenue is to be recognized.
As per the accrual principle, revenue is to be recognized when earned and not when actual cash is received against it.
In the given case, the company allows it's customers to return the products sold within a period of three years. Hereby, the company must make a provision for contingency against future returns.
Here, the business should be able to estimate the number of vacuums that would be returned. Here, the company is unable to do so owing to no past record or history.
Hence, the company may have to wait till maximum period of 3 years i.e the time when products can no longer be returned, for recognizing revenue associated with the sales.
