In a Suit Against Kathy, Lon Obtains Specific Performance

question 20

Multiple Choice

In a suit against Kathy, Lon obtains specific performance. This is

• A) a direction to a party to do or refrain from doing a particular act.
• B) an award of compensation.
• C) an order to perform what was promised.
• D) the cancellation of a contract.

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Definitions:

Fiscal Period

A specific time period used for accounting purposes and financial reporting, usually spanning a year, but can also be a quarter or month.

Adjusting Entry

Bookkeeping entries executed at the termination of an accounting cycle, intended to apportion income and outlays to their respective periods of occurrence.

Accrue Wages

The process of recognizing wages that have been earned by employees but have not yet been paid out by the company.

Net Income

Net income is the total profit of a company after all expenses and taxes have been deducted from revenue.