Which of the Following Statements Is Correct Regarding Long-Term Construction

question 184

Multiple Choice

Which of the following statements is correct regarding long-term construction contracts?

• A)ASPE only allows the use of the completed-contract method.
• B)ASPE only allows the use of the percentage-of-completion method.
• C)IFRS only allows the use of the percentage-of-completion and the zero-profit method.
• D)IFRS allows the use of the percentage-of-completion and the zero-profit method, but
• Does not preclude the use of the completed-contract method.

---

Definitions:

Milk

A nutritious liquid produced by mammals, primarily used as a food product for humans.

Coffee

A popular beverage made from roasted coffee beans, known for its stimulating effect due to caffeine content; it also has significant social and economic implications worldwide.

Demand Curve

The demand curve is a graphical representation showing the relationship between the price of a good or service and the quantity of it that consumers are willing and able to purchase at various prices.

Gasoline

A petroleum-derived liquid used primarily as fuel in internal combustion engines.