When the Outcome of a Construction Contract Can Be Estimated

question 60

True/False

When the outcome of a construction contract can be estimated reliably,contract revenue and contract costs associated with the construction contract shall be recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the reporting date.

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Definitions:

Mental Structures

Conceptual frameworks or patterns of thinking that individuals use to process and organize information.

Memory Capacity

The amount of information that can be held in the memory system at one time, varying across different types and stages of memory.

Sensorimotor Stage

A Piagetian stage of infancy marked by the absence of the capacity for mental representation.

Mental Representation

An internal depiction of information.