Which of the Following Would Be Acceptable as an Alternative

question 103

Multiple Choice

Which of the following would be acceptable as an alternative term used for the income statement?

• A)Statement of Operations.
• B)Statement of Financial Position.
• C)Statement of Retained Earnings.
• D)Statement of Revenues and Expenses.

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Definitions:

Substantial Performance

A concept in contract law where a party has completed enough of the contract to warrant payment, though some minor elements may still need to be finished.

Construction Industry

A sector of the economy focused on the planning, designing, and building of infrastructure and buildings.

Frustration Of Purpose Doctrine

The Frustration of Purpose Doctrine is a legal principle allowing contract parties to be relieved from performing their obligations when an unforeseen event undermines the contract’s original purpose.

Impossibility Of Performance Doctrine

A legal principle that releases parties from their contractual obligations when an event occurs making performance objectively impossible.