Asked by Trevor Dandrade on Jul 28, 2024
Verified
What is the duty of accounting an agent owes to a principal,and how would an agent satisfy that duty? Specify what actions an agent must take with regard to the accounts of a principal.
Duty of Accounting
An agent’s obligation to keep an accurate account of the transactions of money and property made on behalf of the principal.
Agent
A representative authorized to act on behalf of another person or organization, especially in business or legal matters.
Principal
The original amount of money invested or loaned, upon which interest is calculated, or the main party involved in a transaction.
- Comprehend the duty of accounting an agent owes to a principal.
Verified Answer
Learning Objectives
- Comprehend the duty of accounting an agent owes to a principal.
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