Which of the Following Conventions Has the Characteristic of the Project

question 47

Multiple Choice

Which of the following conventions has the characteristic of the project always seeming to be running late,until the very end when it seems to suddenly catch up?

• A)The 50-50 rule
• B)The 0-100 percent rule
• C)Critical input use rule
• D)The proportionality rule

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Definitions:

Ending Inventory

The final amount of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the goods sold.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that serves as a global framework for financial reporting.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards used for financial reporting and accounting in the U.S.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the estimated costs of completion and the necessary costs to make the sale.