The Two Elements of Performance Referred to in the Conceptual

question 17

Multiple Choice

The two elements of performance referred to in the Conceptual Framework are:

• A) assets and liabilities
• B) revenue and expenses
• C) liabilities and equity
• D) expenses and income

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Definitions:

Contractual Duties

Obligations that a party is bound to perform under the terms of a contract.

Void

That which is entirely null. A void act is one that is not binding on either party and that is not susceptible of ratification.

Executed

Completed or carried out; in legal terms, it can mean a contract or document that has been signed and made legally binding.

Contingent

Depending on certain conditions or circumstances.