Which Statement Best Explains the Completed Contract Method

question 57

Multiple Choice

Which statement best explains the completed contract method?

• A)An accounting method that defers revenue and expense recognition until the date when the contractor completes the project.
• B)An accounting method that recognizes revenue and expenses on a contract in proportion to the degree of progress.
• C)An accounting method that recognizes an amount of revenue equal to the costs that are expected to be recovered on the contract.
• D)An accounting method that recognizes revenue and expenses based on the fair value of the contract.

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The effect on individuals or processes that is not directly imposed but occurs through secondary or less obvious channels.

Federal Bureaucracy

The collection of government agencies and institutions that implement and administer federal laws and programs.

Administrative Law Judges

Officials within federal or state agencies who conduct hearings and make decisions on disputes involving the agency's regulations.

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