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Which of the following does not represent an agency cost resulting from the separation of...

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Accounting

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Which of the following does not represent an agency cost resulting from the separation of ownership from control of the firm? a. The cost of a company director taking a business trip to Hawaii with no potential benefit to the company. b. The cost of a staff Christmas party designed to enhance staff morale. c. All of the options are correct. d. The expense of providing management with bonuses based on profitability. e. The cost of monitoring the activities of management to keep track of its expenditures and decisions

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