When a Promisor Appoints Another Person to Perform Their Duties

question 10

Multiple Choice

When a promisor appoints another person to perform their duties under a contract:

• A)it is called an assignment.
• B)it is called a delegation.
• C)it creates an incidental beneficiary.
• D)it creates a donee beneficiary.

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Definitions:

Accounting Procedures

The methods and processes used to record, summarize, and report financial transactions.

Profit Margin

A financial metric expressed as a percentage that measures how much of every dollar of revenue is retained as profit after all expenses have been deducted.

Net Income

The income a company retains following the subtraction of all expenses and taxes from the gross revenue.

Sales

The total amount of goods or services sold by a company, typically reported within a specific period.