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Question - Neptune entered into an agreement with a customer to construct an asset during the year. Neptune identified the performance obligation to be satisfied over time. Neptune uses the output method based on work certified compared to the contract price to recognise the progress towards completion and has completed 30% of the contract to date. The following information is available regarding the contract:
$
Contract price 2,500,000
Costs incurred to date 470,000
Estimated costs to complete 630,000
Work certified to date and invoiced 750,000
Required - What is the value of the contract asset to be recorded in Neptune's statement of financial position?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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