AGENCY Definition

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AGENCY is the relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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TRANSFER PRICE is the price charged by an individual entity in a multi-entity corporation on transactions among the entities involved.

AUDIT OBJECTIVE is when in obtaining evidence in support of financial statement assertions, the auditor develops specific audit objectives in light of those assertions. For example, an objective related to the completeness assertion for inventory balances is that inventory quantities include all products, materials, and supplies on hand.

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