Which shall be excluded in contract costs of a construction

Assignment Help Financial Accounting
Reference no: EM132941843

Problem 1: Which of the following shall be excluded in the contract costs of a construction contract?

a. Costs that directly relate to the specific contract

b. Selling costs such as advertisement expense or commissions of real estate agents or brokers

c. Costs that are directly attributable to contract activity in general and can be allocated to the contract

d. Such other costs as are specifically chargeable to the customer under the terms of the contract

Problem 2: Percentage of Completion is favored to be used under the following circumstances, except

a. Contract Price is assured

b. Contract Costs can be reliably estimated

c. Progress Billings is assured of collection

d. Performance obligation can be reliably measured

Reference no: EM132941843

Questions Cloud

Why the current treatment of prior period errors could lead : Why the current treatment of prior period errors could lead to earnings management by companies, together with any further arguments against current treatment.
What recommendation would have for john : What recommendation would you have for John with regard to pricing and/or the numbers and types of units that he offers for sale?
Calculate the dividend pay-out and retention ratios : Calculate the dividend pay-out and retention ratios. Nolt Ltd is a growth-oriented company - 75% is owned by its directors and 25% is owned by outside financier
Which accounts are impliedly contained in the account : Which accounts are impliedly contained in the account "Construction in Progress" except? Contract Revenue to date./ Progress Billings to date
Which shall be excluded in contract costs of a construction : Which shall be excluded in the contract costs of a construction contract? Selling costs such as advertisement expense or commissions of real estate agents.
Calculate the net present value for the replacement : Trax Ltd is a manufacturer of high-quality, Calculate the net present value (NPV), internal rate of return (IRR) and payback period (Pb) for the replacement.
Discuss the e-commerce process : Discuss the E-Commerce process of any Company which is doing online business in Pakistan.
What is depreciation expense for geek corporation : In 2018, Game changed its estimates to a useful life of 5 years with a salvage value of 70,000. What is 2018 depreciation expense?
Evaluate the current healthcare system : Considering staggering expenditure on healthcare in the USA, evaluate the current healthcare system, and offer some areas of potential cost reduction.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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