Upon Completion of Construction and Full Payment of All Construction

question 54

Multiple Choice

Upon completion of construction and full payment of all construction costs in a capital projects fund,the entry to record the transfer of any remaining cash should include a debit to:
I.Contract Payable-Retained Percentage.
II.Transfer Out to Debt Service Fund.

• A)I only
• B)II only
• C)Either I or II
• D)Neither I nor II

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Definitions:

Passivity

In context, it refers to the lack of active responses or actions in a situation, leading to acceptance of circumstances without attempt to change them.

Cliques

Social groups that are often exclusive and unified, formed around common interests or friendships, and are characterized by strong in-group loyalty.

Intimate Friendships

Close personal relationships marked by a deep level of understanding, trust, and emotional connection.

Crowds

Large groups of people gathered together, often for a common purpose or event.