Match Each of the Following Terms with Its Definition

question 83

Multiple Choice

Match each of the following terms with its definition.
-The process of assessing the degree to which a proposed system solves business problems or takes advantage of business opportunities.

• A)economic feasibility
• B)legal and contractual feasibility
• C)operational feasibility
• D)political feasibility
• E)schedule feasibility
• F)technical feasibility

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Definitions:

Selling Price

The amount of money for which a product is sold to the consumer.

Completed-Contract Method

An accounting strategy where revenue and expenses of a long-term project are deferred until the project is completed, at which point they are recognized in the fiscal period of completion.

Partial Billings

The invoicing of a portion of the amount due for goods or services before the work is fully completed.

Construction In Progress

The balance sheet account that represents the costs incurred on a construction project during the period it is actively being worked on.