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ACC 241 BYU FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS

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Accounting 241

Institution
Accounting 241

ACC 241 BYU FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS Lesson 16: Self Check Explain how the facts in Ginn must change for a court to conclude that there was an agency relationship between the unknown patron and the nightclub. - ️️ Correct-Note the definition of agency earlier in this ...

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Institution Accounting 241
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ACC 241 BYU FINAL EXAM STUDY
GUIDE WITH COMPLETE SOLUTIONS

Lesson 16: Self Check

Explain how the facts in Ginn must change for a court to conclude that there was an

agency relationship between the unknown patron and the nightclub. - ✔️✔️Correct-Note

the definition of agency earlier in this chapter. It requires "assent" (agreement) on the

part of the principal (the manager) and the patron (agent) that the agent will act for the

principal. There are no magic words, but the following would suffice: the manager says,

"John, help me get this drunk out of here," and the patron responds, "Okay."

Lesson 16: Self Check - ✔️✔️Correct-

Lesson 16: Self Check

What is the difference between implied authority and apparent authority? (This is a

difficult question, and if you understand the subtle distinction between the two, you are

starting to understand the matters discussed in this chapter.) - ✔️✔️Correct-Implied

authority is real authority, but apparent authority is not. Implied authority comes from the

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position that the agent holds while apparent authority arises out of representations that

a principal makes to a third party.

Lesson 16: Self Check

In the Alberty-Velez v. Corporacion de Puerto Rico case, the court obviously found it

significant that Ms. Alberty-Velez (1) provided her own tools, (2) received a lump sum

for each performance, and (3) did not receive benefits. Why did the court consider these

items (among other items) important in deciding whether she was an independent

contractor? - ✔️✔️Correct-Normally, an employee (for example, an employee in a bakery)

is (1) provided all necessary tools and products, (2) paid by the hour, and (3) Internal

Tax, Social Security, and benefits withholding is provided. These items are evidence of

an employee-employer relationship, not an independent contractor relationship The fact

that these items were not applied to Ms. Alberty-Velez suggests her independent

contractor status.

Lesson 16: Self Check

Explain (1) what is meant by duty of loyalty, and (2) who owes the duty: principal or

agent? - ✔️✔️Correct-A duty of loyalty is a duty in which a person owes a responsibility of

trust and confidence to another and must put that other person's interests before his

own. This duty is owed by an agent to a principal.

Lesson 16: Self Check

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To avoid liability for various claims, a business enterprise will often claim that a person

working for it is an independent contractor and not an agent. Summarize the factors

(they are discussed in both of the preceding cases) that are considered by courts to

decide whether a particular person is an independent contractor or an agent. -

✔️✔️Correct-his list is from the Eisenberg decision: "(1) the hiring party's right to control

the manner and means by which the product is accomplished; (2) the skill required; (3)

the source of the instrumentalities and tools; (4) the location of the work; (5) the duration

of the relationship between the parties; (6) whether the hiring party has the right to

assign additional projects to the hired party; (7) the extent of the hired party's discretion

over when and how to long to work; (8) the method of payment; (9) the hired party's role

in hiring and paying assistants; (10) whether the work is part of the regular business of

the hiring party; (11) whether the hiring party is in business; (12) the provision of

employee benefits; and (13) the tax treatment of the hired party."

Lesson 16: Self Check

As we will learn later in more detail, many people resist being described as a principal.

Why is this so? As described in the lesson, why does a principal often resist that

description? - ✔️✔️Correct-A principal often tries to avoid being described as a principal

because in an agency relationship the principal is liable for the wrongdoing of his or her

agent.

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Lesson 16: Quiz

In an agency relationship, there are the following duties: (1) loyalty, (2) performance, (3)

notification, and (4) accountability. These duties must be performed by

the principal.

the agent.

neither of these is correct. - ✔️✔️Correct-the agent.

As noted in the lesson, the duties of loyalty, performance, notification, and

accountability apply to the agent in behalf of the principal.

Lesson 16: Quiz

Milly works for Jed. Jed withholds money for state and federal taxes and pays Milly

each 2 weeks without regard to whether a particular job is finished or not finished. This

action by Jed suggests which of the following?

that Milly is the principal in her relationship with Jed

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