Tantramar Construction Has an October 31 Year End

question 59

Multiple Choice

Tantramar Construction has an October 31 year end. On October 20 Tantramar received a payment from Cantech Industries in the amount of $25,000 as an advance on the construction for the new head office of Cantech. Construction was to have started October 25 but due to an early snowfall, construction did not start until November 7. Construction is scheduled to be completed December 31. Following the revenue recognition criteria, the revenue which Tantramar should record in its October 31 Financial Statements is

• A) $10,000.
• B) $5,000.
• C) 0.
• D) none of the above.

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Definitions:

Intrinsic Motivation

The drive to engage in an activity for its own sake and personal rewards, rather than for external rewards.

Basic Human Needs

Fundamental requirements necessary for individuals to live a healthy and well-adapted life, such as food, water, shelter, safety, and belonging.

Competence

The ability or skillset required to efficiently perform or complete a specific task or job.

Self-determination

The process by which an individual controls their own life, making choices and decisions based on their own preferences and interests rather than being influenced by external forces.