Which of the Following Statements Is Not Correct

question 9

Multiple Choice

Which of the following statements is not correct?

• A) Contract in progress can legitimately represent large amounts.
• B) Contract in progress measures the amount of resources consumed in realizing all or part of a long-term contract but for which no invoicing has been issued to the customer.
• C) As soon as an invoice is issued,all corresponding resources are carried,as depreciation expense,to the income statement.
• D) If invoicing on contract takes place,for example,every four months,up to the cost of four months of production may be listed under contract in progress.

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Definitions:

Brand Name

The name given to a product or service by its manufacturer or provider to distinguish it from others in the market.

Model Number

A specific designation given by manufacturers to identify a particular product or version within a line of items.

Equipment Replacing

The process of substituting old or malfunctioning equipment with newer, functional units to ensure efficiency and safety.

Vital Supplies

Essential items or materials necessary for health, survival, or the operation of a system or organization.