Upon Completion of Construction and Full Payment of All Construction

question 54

Multiple Choice

Upon completion of construction and full payment of all construction costs in a capital projects fund,the entry to record the transfer of any remaining cash should include a debit to:
I.Contract Payable-Retained Percentage.
II.Transfer Out to Debt Service Fund.

• A)I only
• B)II only
• C)Either I or II
• D)Neither I nor II

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Definitions:

Halo Effect

A cognitive bias in which an observer's overall impression of a person, company, brand, or product influences the observer's feelings and thoughts about that entity's character or properties.

Initial Attraction

The first phase of attraction towards someone, usually based on physical appearance, which can lead to interest or desire for a closer relationship.

Physical Attractiveness

Refers to the degree to which a person's physical features are considered aesthetically pleasing or beautiful by others.

Intellectual Similarity

The degree to which two or more individuals share the same levels of intelligence and cognitive capabilities.