Which of the Following Is TRUE

question 50

Multiple Choice

Which of the following is TRUE?

• A) Canada has an essentially "European" parliamentary system with some British, some French, some German, and some components from several other countries.
• B) The dominant culture in Canada is Anglo-Saxon.
• C) The majority of Canadians speak French.
• D) In the past, admission to Canada was controlled primarily by the government of Quebec.

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Definitions:

Completed Contract

An accounting method where revenue and income are recognized only after a contract is finished or the work is completely done.

Percentage Of Completion

An accounting method used to recognize revenue and expenses of long-term contracts proportionally as the contract progresses toward completion.

Gross Profit

The financial gain obtained after subtracting the cost of goods sold from total sales revenue.

Inventory

Assets held for sale in the ordinary course of business, in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.