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:

Adding Machine

A mechanical or electronic device used for calculating sums of numbers.

Managing Office Supplies

The process of ordering, stocking, and overseeing the distribution of products and equipment required for the operation of an office.

Least Effort

A principle suggesting that individuals or systems naturally prefer the solution that requires the minimal amount of work.

Expedience

The quality of being convenient and practical despite possibly being improper or immoral; often associated with taking shortcuts.