For a Construction Firm Using the Completed-Contract Method,if Costs Exceed

question 9

Multiple Choice

For a construction firm using the completed-contract method,if costs exceed billings on some contracts by $1,000,000 and billings exceed costs by $800,000 on others,the contracts should ordinarily be reported as a

• A) current asset of $200,000.
• B) current liability of $200,000.
• C) current asset of $1,000,000 less a contra-current asset of $800,000.
• D) current asset of $1,000,000 and a current liability of $800,000.

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Definitions:

Executive Functions

Cognitive processes including planning, working memory, attention, problem-solving, verbal reasoning, inhibition, mental flexibility, task switching, and initiation and monitoring of actions.

Temporal Lobes

Regions of the cerebral cortex located beneath the temples on each side of the brain, involved in processing auditory information and encoding memory, among other functions.

Frontal Lobes

The part of the brain located at the front of each cerebral hemisphere, responsible for problem solving, decision making, and controlling behavior and emotions.

Low Arousal

A state characterized by reduced physiological and psychological activity and responsiveness.