In 2011, Aldous Corp

question 18

Multiple Choice

In 2011, Aldous Corp. began construction work under a three-year contract. The contract price is $800,000. Aldous used the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract. The financial presentations relating to this contract at December 31, 2011, appear below.

How much cash was collected in 2011 on this contract?

• A) $32,000
• B) $35,000
• C) $47,000
• D) $50,000

Identify and exemplify critical thinking habits of mind such as tolerance and open-mindedness.

Explain the sequential or integrated use of critical thinking skills in problem-solving.

Describe the process of engaging critical thinking through questioning.

Clarify misconceptions about the methodology of critical thinking.

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Definitions:

Cross-sectional Sample

A sample that is taken at one specific point in time from a population to study its characteristics.

Closed Questions

Inquiries that have a predetermined set of potential responses.

Interview Format

The structured or unstructured layout of questions and answers designed for the purpose of gathering information during an interview.

Reliable

Describes something or someone that is consistently good in quality or performance, able to be trusted.