Until One Knows Otherwise

question 14

Multiple Choice

Until one knows otherwise

• A) the Contract Administrator should consider any change a chance to improve profit
• B) the Contract Administrator should consider any change a potential to affect the schedule
• C) a change requires immediate resolution before it hinders group rapport
• D) a change should be discussed at the next progress meeting

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Definitions:

Fair Value

An estimate of the market value of an asset, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller in the market.

Commercial Substance

A concept in accounting indicating that a transaction has caused a change in the financial position of the parties involved.

Commercial Substance

A condition in financial accounting where a transaction significantly changes the economic position of an entity.

Book Value

The net value of an asset calculated as total assets minus total liabilities, often used to estimate a company's value.