Under ASPE, When Selecting an Accounting Method for a Newly

question 114

Multiple Choice

Under ASPE, when selecting an accounting method for a newly contracted long-term construction project, the principal factor to be considered should be

• A) the terms of payment in the contract.
• B) the degree to which a reliable estimate of the costs to complete and extent of progress toward completion can be made.
• C) the method commonly used by the contractor to account for other long-term construction contracts.
• D) the inherent nature of the contractor's technical facilities used in construction.

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Definitions:

Cognitive Psychology

A branch of psychology that studies mental processes including how people think, perceive, remember, and learn.

Thoughts

Mental processes or ideas that occur in the mind, involving reasoning, reflection, imagination, and the formulation of opinions.

Relationship to Our Experiences

How personal encounters and events in life shape our understanding, perceptions, and interactions with the world.

PhD in Psychology

An advanced academic degree focusing on the study of the mind and behavior, leading to a Doctor of Philosophy in Psychology.