The Following Is a Diagram of the Earnings Cycle as Presented

question 11

Multiple Choice

The following is a diagram of the earnings cycle as presented by Coombes and Martin (1982) . In the traditional historical-cost accounting model,at what point has revenue been recognised for long-term construction contracts in the building industry?

• A)Point 8
• B)Point 4
• C)Point 6
• D)Point 5

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Definitions:

Torture

The act of inflicting severe pain or suffering on someone as a punishment or to force them to do or say something, or for the pleasure of the person inflicting the pain.

Social-Responsibility Norm

A societal rule that people should help those who need them without expecting anything in return.

Homeless

The state of having no stable or permanent place to live.

Social Traps

Situations wherein individuals or groups make decisions that are rational and beneficial short-term but lead to negative outcomes in the long-term for the individual or collective.