Under Private Entity GAAP, the Profession Requires That the Percentage-Of-Completion

question 33

Multiple Choice

Under private entity GAAP, the profession requires that the percentage-of-completion method be used when certain conditions exist.Which of the following is not one of those necessary conditions?

• A)Estimates of progress toward completion, revenues, and costs are reasonably dependable.
• B)The contractor can be expected to perform the contractual obligation.
• C)The buyer can be expected to satisfy some of the obligations under the contract.
• D)The contract clearly specifies the enforceable rights of the parties, the consideration to be exchanged, and the manner and terms of settlement.

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Definitions:

Sensory Deprivation

The intentional reduction or removal of stimuli from one or more of the senses.

Meaningful Stimuli

Environmental factors or inputs that hold significant relevance or importance to an individual, impacting their psychological or physiological state.

Do Not Disturb Sign

A notice placed outside a room, often in hotels, to indicate that the occupant does not wish to be disturbed.

Back Rub

A manual technique involving the rubbing and massaging of the back to relieve tension or pain.