Use the Information Below to Answer the Following Questions

question 23

Multiple Choice

Use the information below to answer the following questions:
Multi-Storey Builders Ltd had a large 3-year project with total revenue of $8 000 000 and estimated total costs of $6 500 000. The project was 20% complete at the end of the first year, 70% complete at the end of the second year, and 100% complete at the end of the third year. Revenues and costs were as estimated.
-What profit was earned during the first year if the percentage of completion method was used?

• A) $300 000
• B) $750 000
• C) $1 500 000
• D) $1 600 000.

---

Definitions:

Intelligence

The capacity for learning, reasoning, understanding complex ideas, and adapting effectively to the environment.

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which suggests that intelligence is not a single general ability but rather multiple distinct abilities.

IQ Tests

Standardized assessments designed to measure human intelligence and cognitive abilities.

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which suggests that intelligence is not a single ability but a combination of several abilities.