Highrise Constructions Ltd Had a Large 3-Year Project with Total

question 57

Multiple Choice

Highrise Constructions Ltd had a large 3-year project with total revenue of $5 000 000 and estimated total costs of $4 200 000. The project was 25% complete at the end of the first year, 55% 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 third year if the percentage of completion method was used?

• A) $800 000
• B) $440 000
• C) $400 000
• D) $360 000.

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Definitions:

Micro-Objective Level

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An American sociologist known for his work on consumerism, globalization, and the concept of McDonaldization of society.

Economic Determinist Neo-Marxian Theory

An approach within Marxist theory focusing on how economic factors predominantly determine societal structures and relationships.

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