Which of the following is an INCORRECT statement regarding a fully disclosed agency? OA. A fully disclosed principal is liable on a contract with the third party. OB. In a fully disclosed agency, the agent's signature must clearly indicate that he or she is acting as an agent for a specifically identifie OC. In a fully disclosed agency, the agent is not liable on the contract with the third party. OD. In a fully disclosed agency, the contract is between the agent and the third party. OE. In a fully disclosed agency, the third party typically relied on the principal's credit and reputation when the contract was made.
Which of the following is an INCORRECT statement regarding a fully disclosed agency? OA. A fully disclosed principal is liable on a contract with the third party. OB. In a fully disclosed agency, the agent's signature must clearly indicate that he or she is acting as an agent for a specifically identifie OC. In a fully disclosed agency, the agent is not liable on the contract with the third party. OD. In a fully disclosed agency, the contract is between the agent and the third party. OE. In a fully disclosed agency, the third party typically relied on the principal's credit and reputation when the contract was made.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle
Section: Chapter Questions
Problem 19MCQ
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Question
![Which of the following is an INCORRECT statement regarding a fully disclosed agency?
OA. A fully disclosed principal is liable on a contract with the third party.
OB. In a fully disclosed agency, the agent's signature must clearly indicate that he or she is acting as an agent for a specifically identifie
OC. In a fully disclosed agency, the agent is not liable on the contract with the third party.
OD. In a fully disclosed agency, the contract is between the agent and the third party.
OE. In a fully disclosed agency, the third party typically relied on the principal's credit and reputation when the contract was made.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fce23a129-aa43-45f9-91ef-c06d1d32629b%2Fedeb02dc-c19e-4e97-8e9d-c83f294e6d49%2F0828cx9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Which of the following is an INCORRECT statement regarding a fully disclosed agency?
OA. A fully disclosed principal is liable on a contract with the third party.
OB. In a fully disclosed agency, the agent's signature must clearly indicate that he or she is acting as an agent for a specifically identifie
OC. In a fully disclosed agency, the agent is not liable on the contract with the third party.
OD. In a fully disclosed agency, the contract is between the agent and the third party.
OE. In a fully disclosed agency, the third party typically relied on the principal's credit and reputation when the contract was made.
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