The Following Accounts Were Noted in Reviewing the Trial Balance

question 4

Multiple Choice

The following accounts were noted in reviewing the trial balance for Parent Co. and Subsidiary Corp.: Assets under Construction
Contracts Receivable
Billings on Construction in Progress
Earned Income on Long-Term Contracts
Contracts Payable
Which of these accounts do you expect to eliminate when producing Parent Co. consolidated financial statements?

• A) Assets under Construction; Billings on Construction in Progress; Earned Income on Long-Term Contracts
• B) Contracts Receivable; Billings on Construction in Progress; Earned Income on Long-Term Contracts
• C) Assets under Construction; Contracts Receivable; Billings on Construction in Progress; Earned Income on Long-Term Contracts; Contracts Payable
• D) Contracts Receivable; Billings on Construction in Progress; Earned Income on Long-Term Contracts; Contracts Payable

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Definitions:

Social Conflict

It is a theory that sees society as an arena of inequality that generates conflict and social change.

Folkways

The general standards of behavior adhered to by a group.

Mores

Strict norms that control moral and ethical behavior.

Sanctions

Penalties or rewards for conduct concerning a social norm.