The Percentage-Of-Completion Method Does Not

question 27

Multiple Choice

The percentage-of-completion method does not

• A)recognize profit each period during the life of the contract in proportion to the portion of the contract completed during the period
• B)value the inventory at cost less any partial billings
• C)give precedence to economic substance over legal form
• D)value the inventory at the costs incurred plus the profit recognized to date less any partial billings

---

Definitions:

Apple Newton

An early personal digital assistant developed by Apple Inc., which was one of the first products to attempt to recognize handwriting.

CarPlay

A feature developed by Apple that allows a car's built-in display to serve as a controller and display for an iPhone.

Tangible Attributes

Physical and measurable characteristics of a product that can be perceived by the senses.

Intangible Ones

A reference to assets or properties that lack physical substance, such as intellectual property, goodwill, and brand recognition.