A Party to a Contract Who Transfers Her Duty to Perform

question 114

Multiple Choice

A party to a contract who transfers her duty to perform to a third party who is not part of the original contract is called a(n) ________.

• A)delegatee
• B)delegator
• C)assignor
• D)assignee
• E)agent

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used to prepare financial statements.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and costs from its total revenue.

Owner's Withdrawals

Money or other assets taken from the business by the owner for personal use.

Income Statement

An income statement is a financial report that shows a company's revenues, expenses, and profit over a specific period, illustrating its financial performance.