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

(a) ManufacturingExplanation: Manufacturing typically involves the production of goods that are…

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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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
Define each of the following terms: f. Full capacity sales; target fixed assets to sales ratio; required level offixed assets
SUBJECT:- GENERAL ACCOUNT Noninventoriable costs are charged against. in which the revenue is earned. a. sales b. production c. managerial d. investment revenue in the period
Q2) Product costing is the process of: A. accumulating the costs of a production process.B. assigning costs to a firm's products.C. placing a value on fixed assets owned by a producer.D. accumulating the costs of a production process AND assigning costs to a firm's products.
Property taxes on a company’s factory building would be classified as a(n): a. Product cost b. Opportunity cost c. Period cost d. Variable cost e. Administrative cost f. Selling cost
Correct Answer for this. General Account
Research and development costs are classified as: O a. Inventoriable costs. O b. Product costs. O c. Period costs. O d. Cost of goods sold.
Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van depreciation D) Depreciation on production equipment
KINDLY ANSWER WITH EXPLANATIONS.
4 In accounting for construction contracts using the percentage of completion method, the gross profit recognized during the year would be the estimated gross profit multiplied by the percentage of the costs incurred to date to the : Group of answer choices Total estimated cost Total contract price Total cost incurred to date Unbilled portion of the contract price

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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