For a Construction Firm Using the Completed-Contract Method,if Costs Exceed

question 9

Multiple Choice

For a construction firm using the completed-contract method,if costs exceed billings on some contracts by $1,000,000 and billings exceed costs by $800,000 on others,the contracts should ordinarily be reported as a

• A) current asset of $200,000.
• B) current liability of $200,000.
• C) current asset of $1,000,000 less a contra-current asset of $800,000.
• D) current asset of $1,000,000 and a current liability of $800,000.

---

Definitions:

Strong Superego

In Freudian theory, having an overly dominant superego, which can lead to feelings of guilt and strict moral behavior due to internalized societal standards.

Weak Ego

Indicates an individual's lack of strength or development in the ego, affecting their self-esteem and ability to manage impulses.

Collectivism

The principle or practice of giving a group's needs and goals precedence over individual desires or ambitions.

Individualist Cultures

Societies that emphasize personal achievement, autonomy, and individual rights, often prioritizing individual goals over group objectives.