When Part of a Progress Payment for Construction Is Withheld

question 66

Multiple Choice

When part of a progress payment for construction is withheld until final settlement of the contract, what account is credited?

• A) Encumbrances.
• B) Appropriations.
• C) Contracts Payable-Retained Percentage.
• D) Construction Expenditures.

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Definitions:

Incompetence

A lack of ability, skill, or qualification to perform effectively.

Depression

An ailment relating to mental health, defined by an enduring state of unhappiness or apathy towards activities, that substantially hampers normal life.

Psychotic Disorder

A psychological disorder in which a person loses contact with reality, experiencing irrational ideas and distorted perceptions.

Diagnostic Labels

Terms used to categorize and describe symptoms that cluster together, aiding healthcare professionals in identifying and treating mental health conditions or illnesses.