Upton Company Has Consistently Used the Percentage-Of- Method of Recognizing

question 26

Multiple Choice

Upton Company has consistently used the percentage-of- method of recognizing income.In 2010,Upton started on an $18,000,000 construction contract that was completed in 2012.The following information was taken from Upton's 2010 accounting records: What amount of revenue should Upton recognize on the contract in 2010?

• A) $6,000,000
• B) $5,400,000
• C) $9,000,000
• D) $0

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Definitions:

Ethical Thinking

The process of considering and applying moral principles and values in decision-making.

Values

Fundamental beliefs or ideals that guide an individual's or organization's behavior and decision-making process.

Behaviors

Actions or reactions of an individual or group in response to external or internal stimuli.

Conscientiousness

A personality trait characterized by organization, dependability, and a strong sense of duty.