The percentage of completion method is primarily used in_?(a) Manufacturing(b) Service industries(c) Retail sales(d) Long-term construction contracts

Concept of Percentage of Completion MethodThe percentage of completion method is an accounting…

Answered: The percentage of completion method is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 13MC: A responsibility center structure that considers investments made by the operating segments by using...

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Similar questions

Which one of the following accounts is an asset similar to work-in-process inventory? Group of answer choices Construction in Progress Cost of Construction Billings in Excess of Cost Revenue from Long-Term Contracts
The largest expense of most manufacturing firms is?a. Salaries Expenseb. Amortization Expensec. Rent Expensed. Cost of Goods Sold
The income statement of a service-sector firm reports: both period and inventoriable costs a O inventoriable costs only .b O period costs only .R period and inventoriable costs but at different times; the reporting varies dO
Fixed costs include all of the following except: A. Rent B. Salaries C. Wages D. Depreciation expense
In any construction project, the total bill to the owner must equal a. Gross profit b. Net profit c. Project contract amount d. General overhead
provide accounting options answer.
Which of the following pairs are correctly classified as variable costs and fixed costs, respectively? A) rent - fixed; depreciation- variable B) depreciation - fixed; debt interest - variable C) depreciation - fixed; materials - variable D) materials - fixed; factory labor - variable E) debt interest - fixed: advertising/marketing - variable
A responsibility center structure that considers investments made by the operating segments by using a common cost of capital percentage is called_______. A. return on investment B. residual income C. a profit center D. a discretionary cost center
The number of production units that could have been completed within a given accounting period, given the resources consumed is called what? Group of answer choices equal units of production equivalent units of production partial units of production projected units of production
If a firm has already paid an expense or is obligated to pay one in the future, regardless of whether a particular project is undertaken, that expense is a(n) Multiple Choice. committed cost complementary cost. obligated cost sunk cost
Define the term Annual operating cost:?
Fast Answer.

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The percentage of completion method is primarily used in _? (a) Manufacturing (b) Service industries (c) Retail sales (d) Long-term construction contracts