When Progress Billings Are Sent on a Long-Term Contract, What

question 5

Multiple Choice

When progress billings are sent on a long-term contract, what type of account should be credited under the completed contract method and percentage-of-completion method? $\begin{array}{|l|l|l|}\hline &\text { Completed contract } & \text { Percentage-of-completion } \\\hline 1&\text { Contra asset } & \text { Revenue } \\\hline 2&\text { Contra asset } & \text { Contra asset } \\\hline 3&\text { Revenue } & \text { Revenue } \\\hline 4&\text { Revenue } & \text { Contra asset } \\\hline\end{array}$

• A) Choice 1
• B) Choice 2
• C) Choice 3
• D) Choice 4

Analyze the implications of tax competition on federal, state, and local taxes.

Understand the principle of tax incidence and how it affects consumers and producers.

Comprehend the concepts of tax efficiency and deadweight loss in the context of excise taxes.

Understand the principles of developmental progression in infants, including cephalocaudal and proximodistal trends.

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Definitions:

Negative Reinforcement

is a concept in behavioral psychology where the removal of a negative condition strengthens a behavior.

Operant

Pertaining to operant conditioning, a method of learning that employs rewards and punishments for behavior, leading to changes in that behavior's frequency.

Systematic Desensitization

A therapeutic intervention aimed at reducing an individual's anxiety responses through gradual exposure to the feared object or situation, along with relaxation techniques.

Relaxation Training

A therapeutic technique designed to help individuals learn to reduce stress and anxiety through specific physical exercises and controlled breathing.