Which of the following financial statements classify business activities into operating, investing, and financing activities?

When an agent acts for an undisclosed principal, the principal will not be liable to third parties if the

A. Principal ratifies a contract entered into by the agent. B. Agent acts within an implied grant of authority. C. Agent acts outside the grant of actual authority. D. Principal seeks to conceal the agency.

Which of the following represents the work specialization aspect of division of labor?

A) Big decisions are handled by lower managers in Jacob's company. B) Luis asked Jesse to attend a meeting for him, Jesse asked Mary to go with him, and Mary asked Sybil to go in her place. C) A narrow span of control means a manager has few people reporting to her, and a wide span of control means a manager has many direct reports. D) In building a house, the carpenter deals with the woodworking, the plumber deals with the water and sewer systems, and the electrician deals with the power. E) A president has a vice president reporting to him, a district manager reporting to the vice president, and a supervisory manager reporting to the district manager.