An agent is a person appointed by another person, known as the principal, to act on his or her behalf. Agents have the authority to perform tasks or make decisions as specified by the principal.
Carte Blanche refers to the full freedom and authority to act at one's own discretion. It is often used in business contexts to describe a situation where an individual is given the broad authority to make decisions and take actions as they see fit, without requiring additional approval.
A court that is required by law to maintain a record of its proceedings, including orders and judgments, and has the authority to imprison and levy fines.
A decree is an authoritative order or official legal proclamation issued by a person or body with administrative or judicial jurisdiction. It primarily serves as a final court order or decision.
A delegate can refer to both the act of transferring authority to another person or the individual who is authorized to act on behalf of others. Delegation is crucial in various fields such as management, governance, and project management to ensure efficient functioning and responsibility sharing.
Discretion refers to the freedom of a person to make choices within the boundaries of their authority, as well as the quality of being cautious and considerate in what one says or does.
An employer is an individual or organization that hires and pays workers, providing them with wages and a livelihood. The employer holds authority to direct the work and has the ability to hire or dismiss employees, furnish working locations and necessary supplies, and handle tax obligations.
Express authority refers to the clear and unequivocal powers granted to an agent by a principal, either orally or in writing, allowing the agent to act on behalf of the principal in specific matters.
Implied Agency occurs when the words and actions of the parties indicate that there is an agency relationship, even if no formal agreement has been made.
Inferred Authority is a type of authority assumed by an individual when a higher authority leaves their post, often exercised due to inferred abilities or circumstances requiring immediate leadership.
An informal leader is someone whose power and authority over a group stem from the group's acceptance rather than from any official position, status, or rank within the formal organizational hierarchy.
An organizational structure where direct line functions contribute to the organization's output. This setup ensures clear lines of authority, accountability, and streamlined decision-making, focusing on direct communication from top management to entry-level employees.
Organizational Chart illustrates the interrelationships of positions within an organization in terms of authority and responsibility. It categorizes the organization into line organization, functional organization, and line and staff organization.
Organizational structure is the systematic way responsibility and authority are apportioned among the members of an organization. This concept is crucial for ensuring effective coordination and achieving organizational goals efficiently. Common types of organizational structure include functional organization, matrix organization, and line organization.
Power of Attorney (POA) is a legal instrument that allows one person (the principal) to appoint another (the agent or attorney-in-fact) to act on their behalf in various capacities, such as managing property or financial matters.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.