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Which any anticipated loss should be recognized

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Reference no: EM132943163

Problem 1: Costs that can be attributed to contract activity includes:

A. general administrative costs for which reimbursement is not specified in the contract

B. costs of hiring plant and equipment

C. research and development for which reimbursement is not specified in the contract.

D. depreciation of idle plants not used

Problem 2: When outcome of a construction contract is estimated reliably, contract revenue and contract costs associated with the construction contract should be recognized using:

A. cost recovery method

B. percentage of completion method

C. gross profit method

D. zero profit method.

Problem 3: Any anticipated loss should be recognized:

A. on a percentage basis during the contract period

B. in the period it is determined

C. in the future

D. when all costs are recognized

Reference no: EM132943163

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