MUTUAL AGENCY Definition

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MUTUAL AGENCY is the right of all partners in a partnership to act as agents for the normal business operations of the partnership, with the authority to bind it to business agreements.

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DOCK RECEIPT is a document issued by the ocean carrier of a shipment acknowledging receipt of the goods to be shipped.

COMMON SIZED PERCENTAGES are financial statements in which each item is expressed as a percentage of a major financial statement component. In the Income Statement, each "Common Size %" is the field amount expressed as a percent of "Net Revenues." In the Balance Sheet, each "Common Size %" is the amount in the category as a percent of Total Assets. Common sized financial statements can be used to: a. identify key structural changes in a company's financial data over a period of time; b. more easily compare the financial data of firms that vary significantly in size; and, c. compare a company's financial data to industry norms.

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