Find which shall be excluded in the contract costs

Assignment Help Financial Accounting
Reference no: EM132942774

Problem 1: Which of the following shall be excluded in the contract costs of a construction contract?

a. Costs that directly relate to the specific contract

b. Selling costs such as advertisement expense or commissions of real estate agents or brokers

c. Costs that are directly attributable to contract activity in general and can be allocated to the contract

d. Such other costs as are specifically chargeable to the customer under the terms of the contract

Problem 2: Percentage of Completion is favored to be used under the following circumstances, except

a. Contract Price is assured

b. Contract Costs can be reliably estimated

c. Progress Billings is assured of collection

d. Performance obligation can be reliably measured

Reference no: EM132942774

Questions Cloud

What is the value of an american call option on xyz shares : What is the value of an American call option on XYZ shares, with an exercise price of $125 and two months to expiration? Use the binomial model
Explain how the crisis would have been prevented : Using the principles and examples from the 2008 financial crisis in the USA, critically explain how the crisis would have been prevented
What is the cost of the direct materials used in production : What is the cost of the direct materials used in production during July? During July, the direct labour cost was RM43,500, raw material purchases.
Calculate the total variable cost per unit and total fixed : Calculate the total variable cost per unit and total fixed expenses for the year 2018. Jokowi Bond Sdn Bhd (JBSB) produces a type of box which is sold for RM15
Find which shall be excluded in the contract costs : Find which shall be excluded in the contract costs of a construction contract? Percentage of Completion is favored to be used under the following circumstances?
Calculate the net present value for trax ltd : The company relies on marketing programmes, Calculate the net present value (NPV), internal rate of return (IRR) and payback period (Pb) for the replacement.
Find what is depreciation expense for geek corporation : In 2018, Game changed its estimates to a useful life of 5 years with a salvage value of 70,000. What is 2018 depreciation expense?
Compute for the adjusted accounts payable on december : Compute for the adjusted accounts payable on December 31, 2018. On December 28, 2018, a vendor authorized ABC to return for full credit goods shipped
Determine for the adjusted accounts payable accounts payable : Determine for the adjusted accounts payable accounts payable on December 31, 2018. On December 31, 2018, MSU Co. has accounts payable of P 1 000 000

Reviews

Write a Review

Financial Accounting Questions & Answers

  How business can use information to improve its performance

Give your interpretation of what the ratios calculations show and how the business can use this information to improve its performance. Justify all answers.

  Personal expenses-federal tax return

The Jones also paid the following personal expenses in 2014: Contributions to Church $65,000. Can the Jones claim any of these expenses on their 2015 Federal Tax Return?

  How does creditor monitoring help control agency problems

Small shareholders are powerless to influence corporate governance. Is this correct? How does creditor monitoring help control agency problems? Explain.

  1 fink insurance collected premiums of 18800000 from its

1. fink insurance collected premiums of 18800000 from its customers during the current year. the adjusted balance in

  Prepare an amortization table for four-year notes

On January 1, 2020, Cardinals Corp, prepare an amortization table for the above-mentioned four-year notes from the inception day to June 30, 2021.

  Net income under both the cash basis

1.In its first year of operations, Roma Co. earned $45,000 in revenues and received $37,000 cash from these customers.

  Prepare journal entry to record jo market customer payment

Market sold $1,000 of goods on credit with terms of 2/10,n/30. The required journal entry to record Jo's Market customer's payment on July 6 would be

  What is equations for a budgeted income statement

What are the remainder of the calculations and equations for a budgeted income statement using these numbers and calculations?

  Advise the directors how this problem should be addressed

ACC201 - Financial Accounting Case Study Assignment. Advise the directors how this problem should be addressed in the financial statements

  What amount should be reported as capital balance of partner

Due to disagreement, What amount should be reported as the capital balance of partner Gestapo after the retirement of partner Francing?

  Organizations statement of ethical professional practice

Wilson Owen manages administrative operations for a major medical center in Houston, Texas. In response to the rising cost of health care, he is always looking for ways to save money. How should Wilson proceed? Should he act in the best interest of t..

  Capital budgeting models

Capital Budgeting models (like all forecasts) are driven primarily by educated assumptions about outcomes

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd