In the Case of a Fixed Price Contract,AASB 111 Specifies

question 23

Multiple Choice

In the case of a fixed price contract,AASB 111 specifies four conditions that must all be met in order for the percentage of completion method to be applied.These conditions include:

• A) Costs related to the contract can be clearly identified and measured reliably.
• B) It is probable that the economic benefits arising from the contract will flow to the contractor.
• C) The entity commissioning the work has a good credit rating and is able to pay its debts.
• D) Costs related to the contract can be clearly identified and measured reliably and it is probable that the economic benefits arising from the contract will flow to the contractor.
• E) All of the given answers.

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