Reference no: EM132942834
Problem 1: If the outcome of a construction contract is estimated reliably, contract revenue and contract costs associated with the construction contract must be recognized using:
Option 1: cost recovery method
Option 2: percentage of completion method
Option 3: gross profit method
Option 4: zero profit method.
Problem 2: In accounting for a long-term construction contract using the percentage of completion method, the progress billings on contract account is treated as a:
Option 1: noncurrent liability
Option 2: contra current asset account
Option 3: contra noncurrent liability
Option 4: revenue account
Problem 3: If the Construction in Progress account is greater than the Contract Billings, what should be the treatment for the excess?
Option 1: loss
Option 2: income
Option 3: current liability
Option 4: current asset
Problem 4: What do you call the granting of the exclusive right or privilege to another party for the performance of certain functions by the grantor or use of certain products and services?
Option 1: patent
Option 2: copyright
Option 3: goodwill
Option 4: franchise
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