Use the Information Below to Answer the Following Questions

question 2

Multiple Choice

Use the information below to answer the following questions:
The profit for a particular project of Blue Fin Ltd, using the percentage of completion method, was $470 000 for year 1 and $690 000 for year 2 (completion) .
-What difference would there be to profit for year 1 if the completion of production method were used?

• A) Profit would be $470 000 lower.
• B) Profit would be $470 000 higher.
• C) There would be no difference.
• D) It cannot be determined from the above information.

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Definitions:

Method Of Loci

A mnemonic technique that involves associating items to be remembered with specific physical locations.

Distributed Practice

A learning strategy that involves spreading study sessions and practice over time rather than concentrating them closely together, enhancing retention.

Rehearsal

A cognitive process involving the repetition of information to facilitate its encoding and store it in long-term memory.

Chunking

A strategy for improving memory by organizing items into conceptually manageable and meaningful groups or “chunks.”