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A fiduciary relationship allows the parties to avoid obligations without liability. ANSWER: F PAGE: 638 A corporate officer is not an agent for the corporation. ANSWER: F PAGE: 638 An officer of a corporation cannot possess the power to bind the corporation. ANSWER: F PAGE: 638 An agent is authorized to act on behalf of a principal in doing business with third parties. ANSWER: T PAGE: 638 An employee may act in the capacity of an agent. ANSWER: T PAGE: 638 A fiduciary relationship involves trust and confidence. 63 ANSWER: T PAGE: 638 An independent contractor’s physical conduct is controlled, or subject to control, by his or her employer. ANSWER: F PAGE: 639 An agency…show more content…
ANSWER: T PAGE: 639 TYPE: = NAT: AACSB Analytic AICPA Legal A8. Agency relationships exist only outside employment relationships. ANSWER: F PAGE: 639 TYPE: + NAT: AACSB Analytic AICPA Legal B8. An independent contractor always acts in the capacity of an agent. ANSWER: F PAGE: 639 TYPE: = NAT: AACSB Analytic AICPA Legal A9. An agency relationship can be formed without consideration. ANSWER: T PAGE: 642 TYPE: N NAT: AACSB Analytic AICPA Legal B9. A minor cannot be appointed as an agent. ANSWER: F PAGE: 642 TYPE: = NAT: AACSB Analytic AICPA Legal A10. A minor can be an agent. ANSWER: T PAGE: 642 TYPE: = NAT: AACSB Analytic AICPA Legal B10. An agency relationship cannot exist in the absence of a formal agreement. ANSWER: F PAGE: 642 TYPE: = 66 TEST BANK A—UNIT SEVEN: AGENCY AND EMPLOYMENT NAT: AACSB Analytic AICPA Legal A11. There does not need to be a written agreement between two parties to create an agency relationship. ANSWER: T PAGE: 642 TYPE: = NAT: AACSB Analytic AICPA Legal B11. An agency relationship may be created for any legal purpose. ANSWER: T PAGE: 642 TYPE: = NAT: AACSB Analytic AICPA Legal A12. A principal may deny the existence of an agency relationship whenever it suits his or her purpose. ANSWER: F PAGE: 642 TYPE: = NAT: AACSB Analytic AICPA Legal B12. A licensed professional can employ an unlicensed
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