A Provision for Loss on Contract Is Reported in the Financial

question 57

Multiple Choice

A Provision for Loss on Contract is reported in the financial statements as a(n)

• A)contra-asset account
• B)other expense account
• C)operational expense account
• D)contra-liability account

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Definitions:

Micronutrients

Essential vitamins and minerals required in small amounts by the body for proper growth, development, and functioning.

Vitamins

Organic compounds that are essential in small quantities for the body's normal growth and activity.

Diet

The kinds of food that a person, animal, or community habitually eats, often tailored for health, religious, ethical, or weight-control reasons.

Minerals

Naturally occurring inorganic substances with a definite chemical composition and crystalline structure, essential for human health.