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:

Uneasy Feeling

A sensation of discomfort, worry, or anxiety that may be caused by various factors, including stress or unfamiliar situations.

Nursing Diagnosis

A clinical judgment about individual, family, or community responses to actual or potential health problems/life processes, providing the basis for selecting nursing interventions.

Anxiety

A mental health condition characterized by feelings of worry, anxiety, or fear that are strong enough to interfere with one's daily activities.

Well-Being

A general term referring to an individual's overall health, happiness, and prosperity, which encompasses physical, mental, and emotional aspects.