Functional incapacity and cognitive impairment are conditions related to the process of human aging. Cognitive impairment is considered an important predicitve factor for functional impairment in elderly populations. This cross-sectional study analyzes the association between cognitive performance and functional capacity in an elderly population sample in Natal, Brazil. A total of 213 elderly persons were assessed by the BOAS Multidimensional Questionnaire (Brazil Old Age Schedule) and the Mini-Mental State Examination (MMSE). The results of multivariate analysis and linear regression showed that age and schooling level are factors associated with cognitive performance in the elderly of this study. The final explicative model, elaborated by logistic regression, found that cognitive performance was the only predicitve variable of functional incapacity for the activities of daily living even when adjusted for sociodemographic variables.