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What cost can be attributed to contract activity

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Reference no: EM132942825

Problem 1: What cost can be attributed to contract activity?

Option 1: general administrative costs for which reimbursement is not specified in the contract

Option 2: research and development for which reimbursement is not specified in the contract.

Option 3: costs of hiring plant and equipment

Option 4: depreciation of idle plants not used

Problem 2: If the initial fee is collectible over an extended period and there is a significant uncertainty of its collection in full, the fee will be:

Option 1: recognized as revenue when collected

Option 2: recognized as revenue in full

Option 3: deferred of recognition as revenue

Option 4: not recognized as revenue at all.

Reference no: EM132942825

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