User Account

All Pages

What difference between billing and construction in progress

Assignment Help Managerial Accounting
Reference no: EM132986747

Problem 1: In accounting for long-term construction-type contracts, the difference between Billings and Construction in Progress is:

Select one:

a. Recognized on the balance sheet as a net asset or liability
b. Subtracted from Gross Profit Recognized
c. Added to Gross Profit Recognized
d. Not disclosed as a net amount in the financial statements

Reference no: EM132986747

Questions Cloud

What is the required treatment of each of the events : On 12 August 20X9, a fire damaged the head office of Carey. What is the required treatment of each of the events
Analyze the history of caesar cypher : Analyze the history of Caesar Cypher and its impact on cryptography
Which item would appear as an addition in columns : In a four-column December proof of cash reconciling Bank to Book, which 12/31 item would appear as an addition in columns two and four?
Make the general journal entries to record the transactions : Martha, owner of Mum's Pie Shop deposited $20,000 of cash to start the business. Make the general journal entries to record the transactions
What difference between billing and construction in progress : In accounting for long-term construction-type contracts, the difference between Billings and Construction in Progress is? Added to Gross Profit Recognized
Optimized implementation of cloud system : How does this best practice contribute to an optimized implementation of a cloud system?
How would you rate your performance as project manager : Reflect on the value gained from conducting the project and its usefulness to support sustainable organisational performance.
Knowledge discovery in databases : What is knowledge discovery in databases (KDD)? Review various motivating challenges of Data Mining. Select one and note what it is it and why it is a challenge
What is the total cash received on the issue date : The bonds are dated January 1, 2025, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Calculate issue price of bonds if market interest was

Billboard Inc issued $520,000 of 10%, seven year bonds. Interest is to be paid semiannually. Calculate the issue price of the bonds if the market interest rate

  Prepare in good form gross margin statement for each method

Prepare in good form a Gross Margin Statement for each method. Ending inventory for August 2019 was select oak (1,000 board feet), white oak

  Which the substitution elimination entry is necessary to

Which the substitution elimination entry is necessary to? record the 'Investment in subsidiary' account in the parent's records./ avoid overstating the equity

  Prepare a production budget and a direct labor budget

Prepare a production budget and a direct labor budget for Lowell Company by month and for the first quarter of the year

  Provide a report containing appropriate issue identification

Provide a report containing appropriate issue identification, analysis (financial and non-financial), and recommendations including an assessment

  Evaluate the variable cost per unit and the fixed cost

Use the high-low method to determine the variable cost per unit and the fixed cost. The total cost of production for the last four quarters for Moore's Mowers.

  What are the forecasted december cash payments

What are the forecasted December cash payments? They usually pay 50% of inventory purchases in the month of purchase, 35% in the following month

  Does the average cost per cup of coffee served increase

Does the average cost per cup of coffee served increase, decrease, or remain the same as the number of cups of coffee served in a week increases? Explain.

  Question 1 explain whether the following transactions are

question 1 explain whether the following transactions are counted in the gdp. if so denote whether the expenditure

  Find balance of accounts receivable in the general ledger

Sales for October are $24,000, for November $26,000 and December $28,000. Find balance of Accounts Receivable in the general ledger

  What is amount of inventory transferred out

The unit material cost is $5 for material and $8 for conversion. What is amount of inventory transferred out and remaining in ending work in process inventory?

  Evaluate the role of management accounting systems

Critically evaluate the role of management accounting systems (MAS) and the provision of accounting information for the case company by answering the 4 question

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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