The 'Percentage of Completion' That May Be Used to Account

question 22

Multiple Choice

The 'percentage of completion' that may be used to account for construction contracts can be justified on the basis that:

• A) The contractor will be continuously working and therefore earning revenue.
• B) In most long-term construction projects, payments are made periodically throughout the life of the contract allowing revenue to be recognised.
• C) It is unreasonable to expect a contractor to record revenue only when construction is completed.
• D) The contracting firm may be considered to be in a continuous sales transaction.
• E) All of the given answers.

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Definitions:

Continuous Learning

An ongoing process of skill and knowledge enhancement that enables individuals and organizations to adapt to new information, technologies, and practices.

Competitive Advantage

The unique attributes or capabilities that allow a company to outperform its competitors, leading to greater sales or margins.

Diversity Dimensions

Various aspects and categories of diversity among people, including race, ethnicity, gender, age, religion, disability, and sexual orientation.

Organisational Leadership

Organisational Leadership is the ability to influence, motivate, and enable individuals to contribute towards the effectiveness and success of the organizations of which they are members.